An Optimistic View IN A TOUGH REAL ESTATE MARKET

From Wayne Hall, Owner/Broker

Both clients and realtors often need to remember that real estate is truly a market. Although similar to the stock market in ways, the real estate market tends to be more stable and go up steadily. This similarity is often overlooked.

I passionately feel for those agents who are in the business but have never experienced a slow or down market. Many of these new agents entered real estate at a time when, if you had a heartbeat, you could see properties receiving multiple offers at once. Countless offers were owner-listed prices with no concessions. Believe me; those times have passed.

After being in real estate for many years, you sense when the market is too good to be true. I have experienced this at least three times. I recall looking at my wife and saying, “This can’t last. It’s unrealistic, and we better get ready because it will have to change.”

However, looking forward, the agents that endure this downtime will experience a more stable and robust market once the Feds signal they are finished raising rates. Once this happens, I see this as relieving the stress of the unknown. There won’t be any more “how high are they going to go” or “can I afford this?” The market should stabilize at that point.

I say this not as a guarantee, but remember, real estate is a market, and trends come and go. This too shall pass.

Best of luck to all realtors in 2023!