We are hitting peak performance when the median sales price is going up around 2% per month. With the wicked combination of low inventory and rates, it could continue – and after a year we could be up +24%!
It reminds me of my first blog post from 2005, which was the last time these types of conditions were in play. Our 15th anniversary is next week! Hat tip Susie!
Wow! 6% interest rates? Lol! Fifteen years later and we’re under 3’s with low rates for the foreseeable future!
> It reminds me of my first blog post from 2005, which was the last time these types of conditions were in play. Our 15th anniversary is next week!
Those were different “conditions.” This is a different world in so many ways hardly any of the criteria from then apply now. I was there and unlike the 70’s remembering means you were there. Besides, the blogosphere never forgets.
I don’t even see the “slinky” getting overly compressed from the bottom this time.
My definition of ‘these types of conditions’ = frantic, juiced-up buyers.
In both cases, buyers were anxious to get a 3% rate.
Last time they lasted for a month, and today they last forever.
Just the thought sounds frothy, doesn’t it?
Buy now or be priced out forever!