July 19, 2022
by Mari Negron
HERE WE GO AGAIN!!
CONTRACTIONS FOR THE NEW EVER CHANGING HOUSING MARKET!
What to think of this “new normal” market Real Estate in the DMV. Well, what not to think!? You know, that what expands must contract– ask a piece of wood! Now, the good news is that we are seeing more of, what US Real Estate agents can call ” normal market” and the inventory is building up day by day, so selection for buyers is a little bit better. THE NEW MARKET!!
We Real Estate / Realtors agents like to work in a normal market! It is when we can really help buyers shop around for their dream homes, and not have to over-bid on their last shinny penny. It is when Sellers’ still can get a decent amount for the sale of their property, and not have to feel such a greed rush.
Yes, the cost of buying a single-family home in the last 2 years, (since the COVID pandemic) have jumped 20% nationwide, according to the latest S&P CoreLogic Case-Shiller Index, mortgage rates are now much higher for people to qualify for a purchase of buying a home. But really, that does not really mean that home prices will drastically go down, and for sure, the interest rates spikes may level off in the next six month or so.
See when money is cheap, plenty, and we operate in a global economy, seems like the hobby became Real Estate accumulation, because it is the best form to cover-up for many different assets, get tax shelter, and build wealth! Without a doubt, purchasing Real Estate is one of the best investments people can make! Besides everyone needs a place to call home, a place to put their head down and call it their own.
People need a house, shelter and home!!
These days who is in the market for real estate, you might ask? Well we sell to Boomers, GenX, Millennials, GenZ GenY are in too. We have corporate investors, institutional investors, wholesalers, those investors who want to keep or hold, flip for a profit after remodeling, those who are into converting to Airbnb, second home shoppers and more. We sell to foreigners who love bringing cash to US.
And what does that mean? We have but limited resources, and supply and demand always is the rule!
So if you think that real estate is going to crash, I truly think, that not that much, maybe we’ll see a down movement, specially if people start loosing their jobs, but this resection is definitely not going to be like the last Great Recession, and it won’t last too long!
to be continued….
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