Sale on Homes: Blankets Not Included
Breaking it Down
– Real estate maven, Shant Banosian from Guaranteed Rate, colored the floors of the Inman Connect New York with hints about the future of their landscape.
– The eternal night has fallen, and the seller’s market is here to take the throne, possibly, for several years. Not all winters are meant to fade.
– This could mean your dream house stays just a dream unless your wallet has the stamina to convince Baxter from Santa’s workshop or those Monopoly bankers who decorate the Mayfair.
– How did we arrive here? With the pandemic wave, the seduction of coastal towns caught fire among the migrating crowd, making properties scarce. It’s like the elusive cake from our childhood birthday parties that vanished before reaching us.
– In other news, Shant suggested some clauses could eventually help the buyers. Basically, if the seller breaches the contract, the buyer can step outside with their earnest funds still in their pocket. Like a small ray of sunlight in a stormy day.
– One more recipe for success is to be well-prepared. Get money pre-approved, sort your loan stuff, and most importantly, master how to smirk when someone outbids you. Jedi mind tricks might come in handy.
Dauntlessly Into the Fray! The Battle Highlights
– Banosian imparted a light at the end of the tunnel, sharing that the interest rates on home loans could rise, cooling the market down a bit. Party crashers, basically. But, who said parties can’t be fun without the crashers?
– These burgeoning interest rates could bring out the night king (aka inflation), pushing prices downward, creating a buyer’s market. Uphill battles, anyone?
– The advice from David Stevens, former Federal Housing Commissioner, also colored the attendees’ perspective – with firms buying properties, renting them out, and then privatizing their portfolios into the REITs, the market’s dynamics could face evolution. Basically, playing “Mine, O’ thine” on another level.
Hot Take
Well, if your dollar bills are all strapped and ready to sled their way into someone else’s pocket, this real estate trajectory could mean you’re plunged into the Game of Homes. As Banosian’s predictions suggest, it’s going to be a seller’s market winter for the next few years. Perhaps the only way to win this game is to befriend the giants—the big lenders—and follow the three-eyed raven—getting legal and financial wisdom—into the obscurity to unscramble the mysteries and tap into your inner dragon.
But, be prepared for some market theatrics. Just like when you tell the barista ‘Surprise me,’ this market can toss a triple shot espresso or a sugary caramel latte, depending on the tide. It could be a savage battlefield, a tireless chase, or a romantic dance, be prepared to be seduced by the grandeur, be thwarted by the valiant, and be amused by the jesters along the way. Welcome to the greatest show on Earth, or at least in New York! Happy home-hunting, folks!
Original article: https://www.inman.com/2024/01/25/inventory-problems-to-stick-around-for-very-long-time/
