We now have the benefit of looking back and evaluating the media's real estate predictions that were made in August and early September. You may remember I shared articles during the late summer insisting that "the market is cooling or calming down." I wasn't buying it as a long term trend, and saw the slower pace as a seasonal respite from the buying frenzy. The slower pace was a well deserved vacation for buyers and sellers alike who took advantage of a sunny and warm New England summer, and for the moment thought about other things than buying or selling.
Fast forward as fall rolls in, and the intensity is back with bidding wars at every turn. This week I was even in a multiple offer situation with buyers for a luxury property listed only a week ago. The problem is this - not many houses are being introduced to the market each week, so the 'historically low inventory' saga is ongoing. I am making my contribution to the number of houses available, since next week we are introducing a stunning new listing coming in Wellesley. Excited to share.
"Experts" are now back to saying it doesn't look like this bubble is going to burst anytime soon. A CNN post I read online states that Zillow projects national home prices will slow, but not start to decline. The company sees 13.6% growth from September 2021 through September 2022, a faster pace of increase than its previous forecast. Goldman Sachs forecasted earlier this month that prices would increase 16% by the end of next yearI w.
For my buyers out there, this is not meant to depress you. We will get there, but we have to adapt to the market. This means not having as much time to digest new listings as we would hope for. Lately I've been saying that we often spend more time looking at a pair of pants we want than the house we are buying! Isn't that crazy?
If you follow me on social media, you probably saw that I just got back from Round Top, Texas! I attended the best high end antique fair in the country, that I know of. Something to check off my bucket list, I was with a good friend (check out her design site here!). The week perfectly blended my love of houses and design. Here are a few takeaways from the dozens of designer booths we visited.
And these trends are in the fashion world too! Found this in Harper's Bazaar magazine on the way home. Have an awesome week and Happy Halloween!! Hope it is spooktacular.