Hill Climbing Real Estate Market | November 2022

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Real Estate

Clean-up post Ian is still underway here along the Southwest Gulf of Mexico and even though it will take some time to get everything back in order, the holidays are fast approaching. Thanksgiving will be celebrated in a couple weeks. Holiday lights will be twinkling on the eves of homes, neighbors will be
hosting cookie decorating parties and children will be letting the jolly ol’ elf know how good they have been all year.

Fall is in full swing here along the Gulf Coast and the weather is changing. Well, Florida style fall weather changes that is- meaning a smidgen less humidity and glorious sunshine. It resembles the real estate market right now, small but discernible changes. We still need more houses on the market, but check this out, right now we have 2.8 MONTHS (not weeks) of inventory to sell! So, the same temperature it’s just less humid. I was listening to Greg Rand, Regional Vice President of Coldwell Banker and author of " Crash Boom"  this week, and he explained the market with the following analogy.

When spring of 2020 hit, sellers had homes to sell and in mid-2020 buyers were looking for housing options. Sellers started on what they thought would be an uphill battle to sell their home in early 2020 only to look back and see buyers chasing them up the hill, multiple buyers jumping over each other with hopes to be the one who won the seller with their offer. The hill kept getting higher and the buyers started to offer magic carpet rides to the hilltop if the seller selected their offer. Then in the beginning of this year buyers became weary of running at the pace set, they started to slow down. The interest rates started acting like extra weight on their ankles. Some buyers walked back down the hill sadly saying, “I’m done”, some just simply continued to walk more slowly to see which seller they could catch up to. Some sellers seeing what was happening slowed their upward pace, allowing buyers to make deals. Other sellers are still running up the hill saying,“catch me”. Over the next few months in real estate most sellers will realize buyers are not throwing money and magic carpet rides around like they were. Buyers will see the new landing up the hill and understand this is where homes values are at and buyers and sellers will resume the art of negotiating. Currently we are seeing all of it happening, a home comes on the market and has multiple offers in
hours, a home comes on the market and after a week is under contract or a home comes on the market and after 30-60 days is still on the market. We are all settling into the new normal real estate market. Which in many ways resembles the old normal. This meme always makes me laugh (and it's pretty accurate, too)

What will remain true is Ray and I look forward to continuing the journey of making real estate dreams a reality.

Here are a few links to real estate articles...

Homes Gained What?!?!
Are Multiple Offers Still in Vogue?
How Have Interest Rates Impacted the Buying a Home

The buyers below were such fun people to work with and he served our country. It was such a joy to find a home. Click on the link to read their story.

Said Yes to the Address and Ian Came to Town

We are proud to present our newest listing...
19871 Bridgetown Loop, Venice, in Oasis part of Wellen Park