It was inevitable I suppose, after more than a decade of escalating housing prices, two-and-a-half years of a worldwide pandemic, rapidly rising interest rates, rampant inflation, an ongoing war in Ukraine, and the threat of a looming recession (not to mention lack of consumer confidence), that residential real estate would experience a long overdue correction. Welcome to the new reality where "value" is a moving target. Some houses are still selling with multiple offers, while others are receiving little to no activity.
Which is why, after years of "strategic" pricing, with the expectation that the market would easily carry the final sales price higher (it almost always did), we are now seeing movement in the other direction.
I'm back after 16 days from our trip to Norway, Denmark, and Sweden; three extraordinarily beautiful countries that have managed to get it right both from a social perspective - no homeless encampments, clean streets, little crime, universal healthcare, affordable childcare, one full year of maternity/paternity leave, free university tuition, a $20 minimum wage, and five weeks of paid vacation (say what?) - AND from a green perspective. Each of these countries has significantly combated climate change and ALL are on their way towards zero-net emissions within the next few years.
Julie Gardner, has been writing The Perspective for 17 years and has published more than 650 essays. She is also a frequent contributor to the Sound Off column in the Real Estate section of The San Francisco Chronicle.