June 2022: Feel the Chill? Real Estate This Summer
Here’s the Story:
While the weather is heating up as we head into summer, the real estate market might be cooling off.
Down to the Nitty-gritty:
Pent-up demand and low inventory during the height of the pandemic created an absolute buying frenzy when the world started opening up again in 2021. After more than a year of sellers ruling the roost, telltale signs like price reduction emails and catered broker previews indicate that a more balanced market lies ahead. And while certain sectors still see bidding wars, instead of ten offers on a prime property, we’re down to just two or three. Competition is not as fierce since the recent rise in interest rates have pushed out many buyers — those who remain are taking their time. Their inaction speaks volumes.
What’s the Takeaway?
If you’re a seller thinking about cashing out during the tail end of the spring market, you’re not alone. The holiday weekend saw more inventory hit the market, and it remains to be seen how many properties will be snatched up before the mass exodus for summer holidays. If you’re a buyer, stick around. July and August might just have some good properties at reasonable prices for the choosing.
The Gabriele Moment
Every summer, I bookmark the “best books” lists with visions of leisurely days in the sun relaxing with a good read. For me, it’s not about the genre, just finding a great story. Before real estate, I spent over ten years in media publishing top management (Time Inc., Axel Springer Verlag) where I learned that the more we engage with a story, the more we will take away from it. My most recent literary takeaway was the unique optimism and confidence of Icelandic women, which Iceland’s First Lady, Eliza Reid, so eloquently described in her new book. Having spent memorable time in Iceland, I was captivated by Reid’s account of her country and was beyond thrilled to meet her on book tour. What a way to kick of beach-read season!
We promise that we will make you look like a hero in your friend’s eyes.