Season 10 of Friends? Season 9 of Scrubs?
Anything past season 7 of The Walking Dead?? We’ve all had moments watching episodic TV and thought, “Okay, this should’ve been over already.” We’re feeling a bit that way about the post-Covid real estate market freeze. So ready for it to be over and for things to return to a normal level of activity!
What’s going right: single family home unit sales have edged up across the Tahoe-Truckee region, prices aren’t falling through the floor, and the relationship of closing price to asking price has normalized.
CLICK HERE FOR ALL TAHOE-TRUCKEE MARKET NUMBERS
A predictable negotiation process calms everybody down, and also indicates that sellers and buyers more or less see the same value in a property. (Traditionally, sellers expect to get just a bit under asking for their homes.) 2024 is showing reassuring data in this metric.
Meanwhile, what really makes us want to click the remote and switch shows is the persistent lack of inventory (trending slowly up over 3 years, but still at 63.5% of historic averages), and a disappointing number of pending contracts on June 30.
And….the Fed is going to broadcast the same mortgage rate show for…how many more episodes? No one knows exactly, but we can all agree that this stability is better than “jumping the shark” and veering wildly off the plot. Until borrowers get a fresh lens on rates, it’s not surprising that the number of financed deals is half what we’d like to see.
