So where are we?
The market is unpredictable. Rates are high. There is little inventory – well… a little more than we have been experiencing but still not a lot. It is a confusing time and appears it will continue to be in the upcoming months. But there seems to be light at the end of the tunnel already! In spite of the fact that rates have increased more (3.5%!!) in the past 12 months than than any year ever, the numbers for this October compared to last are still fairly positive locally and in our upper segments (see my October market review).
The general consensus is that rates will stay high into the end of 2022 but many lenders are telling me that they have already come down a bit. So, maybe we have reached the peak, but time will tell. Most experts predict home values in general may suffer some next year but are predicted to recover in 2024. This is a far different story from the big financial crisis from 2008.
Please see these links for more in depth information:
Richmond Luxury Market – October
North America Luxury Market – October
Keeping Current Matters November Market Report
Thanksgiving: Making it about more than a meal
Thelast quarter of the year seems to be a universal time of giving thanks. We think of it as an American holiday only but most cultures have a time of thanks that loosely correlates with harvest time and the end of the year. We are thankful for all of you. We count ourselves fortunate to be able to have a large circle of friends and loyal clients and a fantastic team of professionals – not only the agents and personnel of Small and Associates, but all of the professionals that support us while we are helping you.
So thank you for all of your support. My firm and I are grateful.
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