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There’s a place in Marlborough called Double T’s Tavern. It’s the epitome of the hole-in-the-wall pub. The owner Tom is a friend, and his son TJ (the chef and the other T in Double T’s) bought his house with our help. Double T’s is comfortable and unassuming.
I’m an early to bed and rise guy, and I’ll often drop in early before the dinner rush, and inevitably end up talking real estate with someone. Real estate is something we all share…
Once someone has my ear, they’ll often lean in and ask me in a lowered, conspiratorial tone of voice…. “When is the housing market going to crash?” And why wouldn’t they, with all the housing stuff in the news creating FUD….fear, uncertainty and doubt.
Long-term readers know I worked for years at Fidelity Investments, and Fidelity really reinforced with their employees not to time the market and to take the long view. From that perspective, real estate is a great investment – over time it goes up. That said, I didn’t buy my home as an investment per se. I do things at my house to increase my enjoyment (like painting the inside of my garage (pro tip – use exterior paint)). A painted garage makes me happy….and does little to increase my home’s value.
I’m not seeing a crash (er, major market shift) in the foreseeable future. The rapidly rising interest rates on homes did have some touching the brakes for a minute…as does any rapid change (stock market, world turmoil, etc.).
First-time buyers are out in droves because they are tired of living in their parents’ basement. Housing inventories are up…compared to recent memory…and are still below pre-Covid levels – during Covid not as much building took place. Home inspections are back, and I welcome this knowledgeable extra set of eyes. We still see multiple offers….just not crazy times. Step one for a buyer is getting financing in place, assuming you are not paying cash. Understanding the financial strength of your mortgage company is important as some smaller players are struggling to make it.
Sellers are needing to reset their expectations. A house selling overnight in February 2022 for cash, no inspections, and no contingencies is not a good comparison for this market. Sorry, that ship sailed. You can still get a fair price for your home provided the home is priced accurately….and at this time listings on the market need to be included in the analysis. That’s where a Realtor® can help….for pricing a home correctly and for input to an offer.
While I’m not sensing a major market shift (i.e.: crash) we are in a period of market turbulence. We’ve seen turbulence before and will again. No need for FUD. This is where working with a solid team with deep resources for your specific situation can make a huge difference.
Here is free app for your phone/tablet tied directly to the MLS https://www.homesnap.com/Gary-Kelley.
Gary is heard on WCRN AM 830 and/or seen on WMCT-TV discussing “All Things Real Estate.”
If you need advice on selling your home or buying a new one, give us a call at 508-733-6005.
