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By Gary Kelley
How’s the market, Gary? For years I’ve replied unbelievable — a single word fitting many instances. Right now I’m saying slow…. very slow.
I respect Anthony Lamacchia, founder, CEO, and broker of the Lamacchia Companies. I believe he is one of the brightest minds in the business, and whether you agree with him or not you probably know some of his outspoken positions.
He did a recent Instagram video sharing wisdom from his grandfather, “Good times don’t last forever, and nor do bad times.”
He went on to tie it to the current real estate market saying we are having a serious recession or drought in sales.
“Look at the statistics. It’s impossible for it to stay this slow forever. It’s impossible for it to get any slower. It can only go up from here.”
Those words certainly resonate with me personally, and with our buyers and sellers.
It is a fabulous time to sell your property. We need more inventory. Simply put, people stay in their homes longer. There are many reasons for this, including higher interest rates than when people refinanced during Covid. Many find a different property may cost more than they will clear on the sale — essentially freezing them in place.
If you are buying a property, it can be a good time as well. Higher interest rates may impact affordability for some. Assuming the rates temper over time, a refinance may provide some relief. Also, many mortgage providers have come out with innovative products providing some help. Rates are staying up longer than the pundits predicted.
So while our business may be slow, it isn’t at a stop. Every day houses come on the market. Recently, we have been working with the heirs of recently passed relatives. It’s a cycle…and in some neighborhoods you see it playing out as and entire block comes available. Often reflecting a purchase of new homes 30 or 40 years ago…and now those original owners no longer need those homes.
While I can talk rationally about what’s going on in the market and how the market will come back, it pains me to see so many people wanting to buy a home with such limited stock. We did a buyer seminar at a local credit union and the topic filled the room. Disappointment filled the room as attendees shared stories of rejected offers.
Remember as Anthony Lamacchia’s grandfather said….these times won’t last forever. If you are having a great time enjoy while you can, and if not…the pendulum will swing the other way.
Need tools for home search: MoveWithGary.com
Gary is heard on WCRN AM 830 and “All Things Real Estate Podcast” on all the major podcast outlets.
If you need advice on selling your home or buying a new one, give us a call 508-733-6005.
