Another Real Estate Giant is Predicting Troubled Times....but ....

Real Estate Attorney with

I read today that Redfin expected the real estate market to be in decline for at least the remainder of 2023. Redfin cited high home prices and high mortgage rates for the concern.  

The CEO of Redfin, Glenn Kelman further opined that the solution is:  "So what we need to do is just build more houses."  Not certain about the logic there since the cost to build now is extremely high and he admitted that mortgage costs are historically high.  

I feel that quality always sells. Location always sells. If you have one or both of these, the home will sell at a reasonable price. There will always be people that want to move or have to be with family, career, lifestyle, etc. As Americans we tend to adjust to market conditions for the things we WANT or NEED. This may or may not be a good thing but it is reality. 

I read a lot of blogs on the 'Rain and they are filled with positive news and vibes. Not many complaining here. The attitude is refreshing in today's downer mentality!!!

Yay its Raining!!

Comments (5)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Building new homes is a good idea, problem is here in Los Angeles they talk a good game but to get approvals takes 2 years or longer and to build another  three to six months.... so reality is.... well you tell me, Endre

Aug 16, 2023 11:33 PM
Paddy Deighan MBA JD PhD - Vail, CO
Paddy Deighan J.D. Ph.D

permitting was mentioned as an issue on the article!! I fondly recall a line from back to School with Rodney Dangerfield...a professor was walking students through the process of estimating a building construction. Irreverent Rodney states..."you do know nuttin'..first ya need $50,000 to bribe the building inspector...." LOL

Aug 17, 2023 12:25 AM
Kathy Streib

I remember that line Paddy Deighan MBA JD PhD 

Aug 17, 2023 05:28 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Paddy... I've been hearing about this downturn now for over a year. So far... so good and no downturn in my area.

Aug 17, 2023 04:31 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Paddy. Regardless of whether we are in an up market or a down market the need for housing exists. I have been in down cycles with very high interest rates and had to sell and by. So I did. Reality is a harsh host. Enjoy your day.

Aug 17, 2023 04:40 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

The market was definitely a difficult one for 2023.  I am glad I got through it 

Jan 09, 2024 05:31 AM
Paddy Deighan MBA JD PhD

Lise, 2023 was difficult for most of us!!! I welcomed 2024 and hoping for the best!!

Jan 09, 2024 11:07 AM