Like every August, the late-summer, 100+ degree malaise has settled in in the real estate market. New inventory is down a very significant 17.4% from 2022, likely led by the shock would-be sellers receive when they calculate what current interest rates would do to the affordability of their next home. Prices skyrocketed from 2020-2022, but interest rates plummeted, balancing monthly payments and making money incredibly cheap and capital fluid. Unfortunately, loose money is what the Federal Reserve is trying to rein in to tame inflation.
As much as it pains me, I have to admit something. There is no doubt the Federal Reserve grossly overestimated inflation back in 2021, leading to the current standard of living crisis we’re experiencing today, but in an act that’s almost unheard of in DC, they admitted it. Granted, none of us got a big fat apology cake from Chairman Jerome Powell, but the government way is to deny a mistake until it is long in the past, then insert a footnote admitting the truth a great time later. They actually acknowledged screwing up, and I have to give credit where it’s due. I’ve made an effort to practice radical accountability to my real estate practice, to “jump on the hand grenade” whenever anything bearing my fingerprints goes wrong, and it’s been really helpful in problem solving. It doesn’t make it easy calling someone and admitting an error and thank God I’ve never cost anyone money, but it’s not a lesson everyone learns.
I’m sure most of East Dallas knows about the tragic event that happened in mid August when beloved HVAC technician Jesse Simmons was shot early Tuesday, August 8th while trying to stop a burglar from breaking into his work truck, parked in front of his house. While the shooter is still at large, Jesse has had multiple surgeries, double spinal fusion and repaired lacerations to his kidney and liver, but remains paralyzed below the knees. He can wiggle his toes and has begun physical therapy. It’s hoped he’ll be able to walk again and return to work, although he said he would be happy as long as he could still hold his grandbabies, which he can. If you can help, scan the QR code for his GoFundMe account. Jesse has been a very good friend for over a decade and he’s the best air conditioning and appliance tech I’ve ever known.