The events of the last few years disrupted almost every facet of our lives
and the real estate market was no exception. Buyers and sellers across the
country have experienced a market more volatile and unpredictable and
are wondering if we will ever return to normal. Will the tougher economic
times ahead help balance the real estate market?
As interest rates rise to slow the economy, the housing market is feeling a
shift. Gone are the cheap loans and quick home sales. Today’s buyers
have the luxury of being choosier and sellers must again offer their homes
at a reasonable price and in good condition. While this “feels” like a normal
market condition, is it?
The essence of a “normal” real estate market would be predictability and
confidence, but we are not seeing this yet. True, the slowing economy and
rising interest rates have moved us away from the frantic pace of the past
few years, but experts question whether this means a traditional “buyers’
The pandemic changed the way we work, and where also. People around
the world are moving. With remote working a normal occurrence, people
can live anywhere they want. Cities are emptying out and some states are
seeing an influx of new residents anxious to avoid high-tax states.
With all these added elements, the real estate market may not return to the
“normal”, more predictable patterns we’re accustomed to for years, maybe
never. For consumers, the most important thing is to make the right
decision for their families. There are opportunities in every market, even if it
doesn’t feel “normal.”