The 4th Quarter for ’22 opens with October and promises continued headline drama albeit the domestic economy or worldwide news following an historic September. For the 1st time I wish to share my tracing of history as I visited London during the Queen’s memorial events, and saw things I have never seen nor would have imagined.
September threw us some economic and real estate curves that have been in the making since May. The Stock Market shock was a main topic during my trek from Scotland to Iceland, then on to London. Interest rate increases have affected all discussions related to real estate --- not just mortgage rates, but pressure on Pricing, Demand Change, Inventory Increase, and jittery Buyers. In real estate residential categories, this is no longer the market it was.
A changing market presents Opportunity .... I am not a doomsday realtor by nature, but I am a realist and truth-teller. There is increased opportunity for Buyers and a very real opportunity for the serious Seller who prices to this current market --- and not the one we just left. In fact, the current sellers my team represents are all serious sellers and a good number of them have been successful this year and we’ve celebrated their closings. My shortest Truth to anyone --- Do Not Hesitate or try to “time” this coming market. If you are an Investor, then research carefully, but if you are buying a home to live your life in, entertain your friends & family, choose the home you love and buy it. Waiting for the right time basically never comes. I know this from 30+ years of experience if you’d like to talk with me about it.
I went to Scotland in search of my ancestral Carswell roots, and found it beautiful and very calming. Driving past Balmoral the day before Liz Truss met the Queen, I didn’t realize what would occur barely days later. Then to Iceland for the adventure of seeing a portion of Earth that is unspoiled, wild and unbelievably gorgeous. London followed, which I’ve already mentioned, and then to St. Tropez for a relaxing stay as a guest at a client’s home. Returning to LA was easy because my mind was cleared and refreshed and I am grateful for the relationships and professional journey that real estate has offered. It’s the greatest investment on the planet and best job ever.
-Ernie
