I remember the last time the rental market suffered and the sales market was insane. I was a rental agent at my last office and every single one of my rental customers were saying “I’m thinking of buying as well”. I would look at them and think “there are SO MANY good deals on the rental market right now and prices are SKY HIGH in the sales market- why wouldn’t you want to take advantage?”
That was 2006 and we all know how that story ends.
I’m not suggesting that this market is anything like my example. Matter of fact, interest rates being at historically low levels would (and does) drive a market in virtually any geographic area. Banks are being choosy, scrutinizing applicants much harder and the low rates being offered aren’t adjustable. The opposite of those were big factors that contributed to the market crash of 2008-2009.
Enough of the history lesson. Let’s talk about today. If I were to offer a quick synopsis of the market, I would say this.
“The city is suffering but the suburbs are ON FIRE.”
Single family homes are all the rage these days. They offer space to WFH, a yard for your new dog and physical distancing from your closest neighbor. Let’s be honest, if you can’t be further than six feet from your neighbor in the suburbs, you have bigger problems…
Meanwhile, living in the City proper has lost much of its appeal. Until very recently, many restaurants were mostly shut down. The notion of meeting your colleagues…ANYWHERE…let alone for an afterwork drink at your local watering hole isn’t happening. Hell, you’re not even going into the office anymore. So no need for accessibility to the T, nightlife or sports events, concerts, etc. since they ain’t happening anymore either.
Then why pay huge rents for small spaces when the conveniences you’re paying for aren’t there? This is the proverbial and, in some cases, literal million dollar question. One that many buyers are answering by saying “we won’t- we’ll move to the suburbs” and away they go.
If that sounds like you, WE NEED TO TALK. Mostly aligning expectations and getting a strategy together. This is a critical component of the home search these days. Meet and consult with an agent who knows what’s going on and how to combat the challenges and be successful. We have many of them here at KREM- all of which would be eager and willing to chat and get the home search party started!
We are ready when you are! Reach out to any of us- check out KREM’s agent profile page and pick whoever you think will be the best fit for you. We’re all qualified, knowledgeable and read to go!
Except for Ricky…he can come along for the ride but he won’t be much help aside from comic relief, unfortunately.