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We're deep into the Fall Market and gratefully, it has delivered some terrific results. That being said — and for the first time in many years -- Sarah and I ran into some pushback on a property which was accepting offers earlier this week. With interest rates now topping 7.25% (and projected to rise higher still), Buyers may have finally reached an inflection point.
Typically, multiple offers provide the kind of leverage that incentivizes potential Buyers to spend more in competition, but frankly, that was a much easier ask when interest rates were less than half of what they are today. Put more bluntly (because my job isn't to sugarcoat the marketplace) the expectation that Buyers will happily fork over hundreds of thousands more than the list price, may no longer necessarily be a foregone conclusion.
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Last weekend, I attended the wedding of my younger son's best friend, who for all intents and purposes, was like a third child to us. Andrew accompanied our family on many a vacation, and spent a good deal of time at our house, just as Tristan did at his. Those boys grew up together and are still close friends to this day (although Andrew grew taller, much to Tristan's chagrin).
The wedding was a stunning affair in St. Helena, and the weekend could not have been more lovely. Set against the picturesque hills and vineyards of Napa Valley, on a perfect, fall evening, Andrew and Leah's vows were the culmination of an 11-year relationship that reminded us all of how wonderful young love can be. Congratulations to the beautiful, and joyous couple; may your lives be filled with love and laughter. A nurse, and a sales rep by day respectively, Leah and Andrew currently live in Austin, Texas where they intend to reside for the foreseeable future. Why aren't they returning to the East Bay where they are both from? It's too expensive to live here. Alas, they're not wrong. The Fall has been HOT (and so has the weather). In fact, it' been busier than any third quarter I can recall as August proved to be incredibly fruitful for both Buyers and Sellers alike, especially here in Piedmont, where demand remains high. Demand usually lasts until Thanksgiving when Buyer interest cools considerably and their attentions are diverted to holiday festivities and family gatherings. If a property hasn't sold by Thanksgiving, we're typically removing it from the market and reintroducing it in the Spring.
Cliff and I used to own a motor boat, primarily because it was part & parcel of our Fallen Leaf Lake cabin purchase a few years back. Like most boat owners, we didn't use it enough to justify the expense of docking fees, tax and licenses, insurance, or storing it through the winter. In fact, we had a tough time giving the boat away once we discovered the downside of being boat owners, which is probably why the Sellers had no problem including that old jalopy in the sale. (They knew better.)
The truth is:
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AuthorJulie Gardner, has been writing The Perspective for 19 years and has published more than 850 humorous but always informative, essays on life and real estate.
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