When will it end?

Dated: May 8 2021

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Some readers have been wondering whether this summer might reveal a different kind of housing market, because the Coronavirus pandemic is tapering off. Surely now that people are getting vaccinated there will be less reluctance to put homes on the market, and things might loosen up a bit, right? Maybe that will help bring prices out of the stratosphere.

I can see the logic behind this hopeful perspective, but the suggestion ignores several aspects of our current situation. The housing inventory shortage started considerably earlier than the pandemic, so COVID didn’t create the imbalance between buyers and sellers. Also, fear of the virus can just as easily affect potential buyers as potential sellers, so an end to the pandemic won’t necessarily restore balance. I expect that when we again see a substantial rise in mortgage interest rates the current super-hot sellers’ market will cool down—but that might not be the relief that buyers are hoping for. A lower-priced home combined with a higher-priced mortgage could still be difficult to afford. 

If you’re frustrated about buying in today’s market and really want to own your own home, give me a call. I can help you make it happen, without us having to wait for more favorable conditions that might not arrive.

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DAVID DUNLAP

As a residential real estate executive with an extensive background in corporate marketing, I am able to apply unusually strong skills in marketing communications, e-marketing, strategic planning and ....

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