Are home prices falling faster than in 2006? Locally?
I just read an article in Fortune that is titled, "Home prices are falling faster now than in 2006—Redfin’s CEO just revealed why". It is a relatively long read as articles go. And, it has some big names included in the interviewee list. But I think the last sentence is more honest than the title, "Simply put: Home price outlooks are all over the place."
Why not make the last sentence the starting point? Why not say that all real estate is local, and although there are some areas that are seeing corrections, there are many areas that are doing very well - still. Oh I know why - negative news sells - duh.
As a graduate of the Suffolk University Economics department with a citation for academic excellence from Dr. Tuerck, I know first hand that one has to look at the variables in the equation. Two BIG variables in this type of article is who is answering the questions, and where are they located? The major focus in the Fortune article is the Redfin CEO. As an experienced real estate professional, I can say that his comments are based on his locations. However, where his company has less activity and/or market share or worse no presence, his comments are not necessarily useful.
Because All Real Estate Is Local, the best reference point for buyers and sellers is an experienced and seasoned licensee. And further, if that experience has not spanned the 2006-2012 era real estate market, there should be other options to seek out. Just like the mortgage originators who are learning that the refinance pool of owners sometimes dries up, newish licensees are also learning that in a normal non-covid real estate markets, most homes don't sell over the weekend.
Needless to say, I agree mostly with the last sentence in that article. So, this is my effort to provide a bit of confidence to my local market: Cape Cod is still experiencing a strong real estate market. There are price reductions happening, but mostly on property that was overpriced to begin with. We are still seeing properties sell quickly, although the time on the market has increased a few days. Inventory is still low, the buyer pool is still high, and our factors are now Location, Condition, Price. Contingencies in offers are more normal and there are still cash buyers.
If you're looking to buy or sell real estate, do yourself a favor and find an experienced real estate professional in your specific area. If you need help, Holly and I are well connected with veteran real estate professionals across the US and internationally. Our 40+ years in all aspects of real estate, provide a strong resource to our customers. All aspects means, loan origination, title examination, real estate company owner, Licensed Broker in MA, developer, flipper, investor, advisor, foreclosure assistance, short sales, and more.
Local pros know there is a difference in national opinions and local knowledge. To find one, send us an email with your wish-list.
What we know is good to know!
Best wishes, Heath & Holly
Heath Coker, Associate Broker
Berkshire Hathaway HomeServices Robert Paul Properties
508-548-8888 c (Android) / 508-274-5613 c (Apple) / 508-540-9800
Holly Coker, Senior Sales Associate, 508-274-5612 / 508-540-9800
It's a beautiful day on Cape Cod! Licensed in MA
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