“Do you ever have déjà vu?”
“Didn’t you just ask me that?”
– Andie MacDowell & Bill Murray as Rita and Phil in Groundhog Day
After four years of market reports showing listing inventory at 50% of normal, you’re in good company if you’ve started humming, “I Got You, Babe,” when you think about real estate.
Like Phil, the jaded weatherman in Groundhog Day, you may wonder if we’ll ever escape this time loop. Spoiler alert…yes, we will!
Glimmers of hope appear when a data point shows improvement, as several have in 2023; high prices soften, or pending contracts nudge upwards, or the Fed says, “No more rate increases this year.” So far, however, the clock radio continues to belt out Sonny and Cher as the numbers flip to 6:00am on another morning.
So, how did Phil move on to February 3rd, breaking the loop?
Optimism!!!
And yes, there is reason to be optimistic for the Tahoe-Truckee market in the next 12 months. Many forecasters believe that mortgage rates have peaked and will begin to ease. Also, we here at Granger Group believe that those glimmers, mentioned above, are real, and that a smoke-free summer and a normal winter to come will help continue the positive trends.
CONTACT US when you’re ready to list your home and wake up to the day AFTER Groundhog Day!
CLICK HERE FOR ALL MARKET NUMBERS
Condo sales continued to edge upwards as buyers with a budget under $1 million consider them a viable option.
Unsurprisingly, the percentage of SFR listings that went into contract within 10 days–or without ever going on the market–spiked in Q3 2023. What was surprising, however, was the relative consistency of the other listing period time-frames.
CLICK HERE TO SEE ALL THIRD QUARTER 2023 TAHOE-TRUCKEE MARKET NUMBERS
The mixture of comedy and timeless truths about human nature is what makes Groundhog Day a classic firmly embedded in the American lexicon.