By Joseph Callaway
Chicken Little may be alive and well today predicting a real estate market meltdown, but you can bet your southern fried drumsticks that we are on the threshold of a return to sanity and reason in a market you can count on.
Inventory is rising and along with it comes selection and competition among sellers. Buyers can now buy. Sellers can still sell, and non-traditional operators will fade away.
You see, residential real estate was never meant to be a stock market full of day traders and speculators. Residential real estate is about housing families. Families just starting out, families raising children, and families leaving the nest to form new families. Residential real estate is about buying that first home and selling that last home. It is about reflecting success in a chosen career or transitioning to retirement. It is about where you shop and where you dine out. And yes, it is about long- term wealth. But it was never meant to be about short-term gain at the expense of affordability.
If you have felt stuck with limited options, if you hesitated to sell for fear of being unable to buy, if you have had offer after offer refused because of bidding wars, rejoice in our return to sanity and more inventory.
Does this mean prices will come down? No. It means prices will stabilize and grow gradually at 2 to 4%, annually adjusted for inflation. This means you can buy with confidence that your investment will be safe, and you can concentrate on your quality of life and your American Dream. It means you can sell without the fear of leaving money on the table in the near future or being unable to find an affordable next home.
Joseph Callaway is the owner of Those Callaways and Callaway Realty. His cell is 602-796-5751.