Robert says Don't Panic! The market is simply experiencing an inevitable correction

If you know me at all, you know that I’m a proponent of not speaking until I have something worthy to say. I’m constantly being asked my opinion on the current market conditions and I’m very confident with my analysis. I understand how confusing it is with the rapid real estate shifts, the stock market, and interest rate volatility, but what I will absolutely say is this...
 
Don’t Panic!
 
It’s all good and it’s still a great time to buy and sell real estate. The market is making a correction and that’s healthy, but we are not in a crash by any stretch of the imagination.
 
I’ve been in the real estate game for 38 years and I can honestly say I’ve seen it all. Trust me when I tell you that the covid housing boom was an anomaly unlike anything I’ve ever experienced. This correction is necessary and the Phoenix real estate market is still strong. We continue to see an influx of people moving here, big corporations are continuing to relocate here, and vacation homes are still in high demand.
 
During the covid boom sellers had the upper hand in a way that is unprecedented and quite frankly couldn’t last. It was simply unsustainable. We are experiencing a cooling, but that just means that the correction all of us who understand the business of real estate knew would come is now here. That’s not a bad thing. It’s great for buyers, and sellers can still get big numbers. The number of homes on the market is climbing daily, so sellers need to be more realistic, however, that doesn’t mean the bottom has fallen out.
 
Interest rates are a big topic these days, but let’s be honest, they are still historically low. When I bought my first home, my loan was 11.5% (feel free to insert old man joke here) and there are many of you who remember it being 18%, so with today’s rates, you are still borrowing what is considered “cheap money”.
 
Again, Don’t Panic!
 
Real estate is still a good bet and the luxury real estate market in particular, will continue to see significant movement.
 
So if you haven’t gotten the message, I’ll say it once more…
 
Don’t Panic!
 
Just make sure you are guided by a knowledgeable agent who actually understands the business of real estate. During the boom there were many agents easily selling real estate because it basically sold itself. Now is the time to work with a professional. There are many variables to getting the most out of your purchase or sale, and you need someone who can massage transactions and maneuver stumbling blocks. It’s important to choose carefully. Who you work with will definitely affect your end result.
 
So, until the next time I think I have something worthwhile to share, stay healthy, stay positive and enjoy your day!
 
Take Care,
Robert