I find myself in Boston today. It’s been a crazy few days. So, let’s get into how I ended up here.
It all started when I went to the Nature and Science Museum last Friday with some kids and moms. We watched the Dinosaurs of Antarctica on the IMAX screen and went to the Egyptian exhibit. We all really enjoyed it; it was some cool stuff.
So, remember our condo? (This segue isn’t obvious yet, but we’ll get there.) Well, we got it under contract again. And it fell out again. People want it, but the problem is that it can’t get FHA loan approval, so no one can afford it. Not a fun fact.
Here’s the segue: While I was at the museum, I got a call from our condo’s cleaners. Apparently, the bathtub was filled up with sewage. Gnarly. In the bad way.
So, I called the HOA (which has been super helpful throughout this selling ordeal). They told me there was a backup in the main line a few months ago, and it had been fixed, and they put cleanouts outside. Welp, someone vandalized them. Grrr. Who does that? Hence, sewage backup in my bathtub.
The issue has since been fixed. The HOA cleaned the bathtub for me at 11 pm, so the place was good to go for my showings the next day. That’s some quality HOA stuff right there. Couldn’t be happier with them.
Then, Saturday and Sunday were all baseball all the time. My boy B hit a triple! Amazing. He’s doing so well and loving it. It’s exciting to watch. While at the game, Tag and I decided I should get to Boston to visit with my friend who just had her first baby, and see my sisters before I head to Florida. Sterling is along the ride with me, and we’re having some fabulous mommy-son time, making all the memories.
In Florida, I’ll be present for the inspections of our potential new investment property. And, yes, this property is an investment. We’ll use it to Airbnb, and I’m looking forward to taking advantage of it ourselves during vacays and all that. We won’t be moving to Florida. Ever.
Anyway, our time in Boston has been sweet. Turns out, my high school reunion is actually while I’m here, but I don’t think I’m going. The only person I still talk with from high school is the friend I’m visiting. Sooooo, it’s not for me. I get uncomfortable looking backward, and that’s what I’d end up doing.
Plus, not going gives me more time to focus on work, which I’m doing while on this excursion. That’s a great thing about my career; if I don’t have any in-person commitments, I can do my job from anywhere.
Colorado Realtor Activity
I started this story last week, but I’ll finish it this week: We hit a roadblock with one of my listings, and it was almost a deal-breaker. While the property was under contract, a slew of stuff came up, and needless to say, it was chaos. Miraculously, though, it worked out, and we closed on Monday. This is great news because my clients have moved to Florida already. I don’t know about them, but I’m certainly breathing easier. (Actually, I do know about them, and they are also breathing easier. I’ll be celebrating with them later this weekend when I’m in Florida. Fun stuff!)
I went live with a land listing in Boulder County. LINK TO VIDEO. It’s a stunning 2-acre lot. Learn all about it!
So, as I mentioned above, we went under contract with our Florida investment property, and the inspection is mere hours away. So, yeah, we REALLY need our condo to get under contract ASAP.
Folks, the market is shifting again. There’s some seasonality going on, and that always happens, but it’s happening a bit sooner this season due to the increase in interest rates. We’re currently hovering in the mid 5% range (we like 4% on average).
Spring sales are generally high. Logistically, it’s easier to move when the weather is nice, and a lot of leases renew in the spring, and snow isn’t messing with your moving truck. It’s just more pleasant. And if you’ve ever moved, you know that “more pleasant” is always a plus.
Between July and September, inventory usually has a steady pickup, sellers are eager to sell so buyers have more opportunity!
Right now in Colorado, we’ve seen a bit of drag in showings and a bit of a rise in inventory. This is good, but note that we’re still not level, and inventory is still terribly low.
Interest rates have been declining since the early 80s and haven’t been this high since 2006. But don’t compare now to the housing market crash of the mid-2000s. We are NOT in a crash. Don’t worry. For a crash to occur, three things must be present:
- Economic crisis resulting in mass unemployment- we don’t have that
- A lack of equity in homes- nope, loads of equity in homes
- Over-supply of homes- not even close
Remember, a balanced market means it’d take a house 4-6 months to sell a house. We’re still at less than a few weeks of inventory. Chew on that for a second. That’s madness.
Here’s my prediction: Based on what I’ve seen and read and who I’ve spoken to, house prices will level off and it’ll take a couple of weeks to a month to sell rather than two days. The market slowing will give buyers more opportunities, and some sense of balance will be restored.
Here’s my PSA: Buyers, get your walking shoes on and hit the pavement soon. You’ll get a fair(er) playing field. Interest rates will likely be higher for a couple more years but will drop to a more reasonable rate.
This is how I see it going, but of course, I have no crystal ball; I can’t know for sure. That said, I’m practicing what I’m preaching and buying an investment property at a higher interest rate, assuming it’ll go down. Do with that what you will.
Now, I’m off to hold a tiny baby, have those laughs you can only have with your sister, and get ready for some Florida sun!
I sound swamped, but I always have time for you. If you need help buying a house, selling your house, or learning about the market, I’m here! Well, technically, I’m in Boston, but I’ll be back soon, and we can start talking no matter where I am. Contact me any time.
You guys enjoy yourselves! See you here next week!
