While touring homes today I spoke with a colleague who gave a great summary of the real estate market.
“SELLERS ARE STUCK IN THE PAST AND RELIVING THE MARKET FROM 6-8 MONTHS AGO. BUYERS ARE LIVING IN THE FUTURE, AND ARE MAKING DECISIONS BASED ON WHAT THEY THINK WILL HAPPEN.”
The delta between 6-8 months ago and today has definitely changed, and by the time both sellers and buyers start to seeing eye to eye we’ll likely be in a different market. That “market” will come along as soon as consumers get certainty on the rates and how it pertains to their purchase power, certainty on the need to return to an office, and certainty that inflation is starting to decrease.
It is in this moment (or months) of uncertainty that some of the best real estate deals happen. Just 6 months ago buyers were complaining about the market- the lack of options, the lack of a place to downgrade or upsize to, the severe competition on every home. Well, we got what we asked for - more options, interest rates that are high but not as historic highs, and sellers who HAVE to sell.
I don’t want to beat a dead horse, but we have historical data that proves that home prices have increased every year other than in 2008, and that recession and housing crash was CAUSED by the housing market.
Do you have questions about the housing market in Park City or where you live? Let’s chat!