We’ve almost made it, folks. Just a few more weeks and the most bizarre summer weather we’ve seen in years will be over. I’m still amazed that the ground got so dry that 3-inch wide sized cracks appeared in the ground, yet a week after the August Monsoon we had greenery everywhere. And we had bugs. Good Lord I didn’t miss the bugs, especially cockroaches.
Reminder to everyone the 6th Annual John Angell Real Estate Group Pumpkin Carving Competition is in October. I’ll be dropping off pumpkins to those who would like one, but feel free to supply your own. Email me a pic of your pumpkin, it will be judged on the total quality of the image (background, lighting, angle, creativity and intricacy of the pumpking carving). Judging takes place on Halloween night Monday, October 31st at 6pm (I do not do the judging).
Interest rates and the general economy are major contributors the the real estate slowdown, but we are also in one of the slowest periods of any year. Once kids are back in school, people who have a necessity to move tend to do so. We man never see a market again like we had over the last 24 months, but that’s fine. It was unsustainable. Plenty of sellers and investors absolutely cashed in, unfortunately average buyers and people already hindered by property taxes suffered. The Housing Affordability Index has stalled just above 75, meaning the median household income is 75% of the median home cost ($385,000 in August). Again, that’s not horrible because places like Los Angeles and San Francisco are 16 and 17, respectively. Look for that number to hover for a time, similar to 2014-2016.