The market will coast through the next few months, and then pick up during the selling season when both buyers and sellers decide to quit dancing around and just go for it (after they see others doing it too).
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Boy, you are right on. Buyers (people) run in a herd. Plain and simple.
What I’m reminded of is immediately after 9/11, the real estate market where I was came to an absolute halt. The herd was in fear. Did not know what to do. Unimaginable things like engagements skyrocketed. Lots of “Chicken Little-ing” about the future.
Lasted for six months, and the start of a huge multi-year growth market followed until the banks killed it with the mortgage crisis. The herd halted again. Lasted for what, eight months? Equity lost was regained in what, about two years? (need to see one of your great graphs)
Now covid. How long do you think the herd will stand still before it starts moving again?
Tell it like it is Jim! Love it!!