Its official Summer is almost over!

As we wind down what has been an incredible summer, many ask me what's happening with the real estate market. Interest rates have given us a surprising ride lately, but for now, they've leveled out and don't seem to fluctuate much. Buyer demand is still high, especially considering just how “hot” the market was only a few months ago. 
 
Here are a couple of things to consider….

1. It's summer! That's right - it's summer. Nearly every year, almost every market across the Country experiences a slowdown in activity because most people don't have real estate on the brain. Instead, they're out enjoying the weather, soaking up the sun, and spending quality time off with friends and family. Traditionally, when Labor Day has passed and schools resume, we start to see an uptick in activity. 

2. Buyer fatigue. Even though demand is still high for QUALITY inventory, many Buyers remain completely fatigued from the struggles and challenges they've faced during the last couple of years. Increasing their offers, taking out contingencies, and trying to offer cash time and time again only to discover that another offer ended up winning the day is a hard pill to keep swallowing. For this and many other reasons), it's not unsurprising that many Buyers made the mental, emotional, and physical decision to take a break. But again, because demand remains high, we expect that they'll be back at it soon. 

3. The economy. It most likely goes without saying that our economy remains fairly unstable as well as unpredictable these days. At one moment, we think we have a general idea of what's going on, and the next, we're grasping at straws, trying to determine what's happening. Gas prices, conflict in Ukraine, Brexit, domestic trading markets, interest rates, and political push & pull (amongst other things) each contribute their own unique twist to the current state of our economy, which in turn creates uncertainty in the country. 
 
Perhaps these explanations help describe the ups and downs we've faced this year. If they're not, candidly, all there is to say is, “Welcome to real estate.” Homeownership is uniquely American, and since the beginning of buying and selling property, there have always been what can be described as good times and bad times. Every once in a while, there's pretty solid reasoning behind the conditions we experience, but most of the time, it's challenging to provide a singular explanation that helps to clarify it all. 
 
Nevertheless, there's no question that investing in real estate and holding it over time is one of the smartest financial decisions one can make. Besides, who doesn't want to own their own home? The idea that you can work hard, invest in yourself (and your family), and directly benefit from your patience, persistence, and perseverance is one that I love seeing my clients achieve.
 
So with that, cheers to the end of a fantastic summer! I sincerely hope this weekly Newsletter finds you happy and healthy.  If there's ever anything I can do to assist your real estate endeavors or someone you know, please reach out.  I am more than happy to assist.
 
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