It's been an interesting year, to say the least, beginning with a rapidly escalating marketplace, only to end up with one that's clearly correcting.
Even so, Sarah and I are grateful for ALL the work that's come our way, whether it's been educating Sellers with respect to the changing dynamics, or helping Buyers secure homes at what's proven to be a much higher interest rate than the market delivered previously. We are here to be of service and to help navigate your next chapter.
That's tougher to do when the results aren't nearly as jaw-dropping as they were the last few years when EVERYTHING sold in quick time, and often with multiple offers that pushed the final sales price well beyond anyone's expectations.
Artificially induced by the Fed's practice of holding down interest rates far too low, for far too long, and aided by scarce inventory, and ongoing COVID fears, housing prices soared, and Realtors seemingly held the golden ticket. (Gobble, gobble.)
Fortunes began to change over the summer as the market softened, and continued to do so through the fall, proving once again that ALL markets are cyclical. With expectations that housing prices will continue to decline, and that interest rates may not find their ballast until the end of 2023, the conversations have become far more sobering, and much more real. (We're dealing with economic forces beyond our control.)
While Sellers certainly need to adjust their expectations, many homeowners still saw strong results. (Good houses sell in any market.) Although profits may be dampened, there's a good argument to be made for NOT waiting to see if things rebound this spring. ("Recovery" is more likely to take years - not months.) Nor should Buyers abandon their housing search out of fear and uncertainty. In fact, there's good reason to step in when the competition is far less heated. Indeed, our fall has been peppered with successful BUYER representations, and in all cases, the savvy folks obtained wonderful properties while enjoying far more parity at the table. (Amen.)
In short, there's much to be thankful for . . . .
On a personal note, it's been a year of expansion for our team as we welcomed, Sarah's daughter, Kate Abel, into the fold. Kate has worked tirelessly to move our operations online and we thank her for her patience. (Turns out, you CAN teach old dogs new tricks.) Willing and "able," we're excited to see her expand her growing role come the new year.
We're grateful too, for Jill's continued support in all manner of things, including keeping us on task and on time. It's no secret that Jill's the cranberry to our turkey. She's the mashed potatoes and candied yams. Heck, Jill is the cherry pie a la mode! We'd be lost without her.
From London, Anna Shortley keeps us relevant and playful, heading up our social marketing across many platforms. If any of our beautiful posts or postcards have caught your attention, we have Anna's brilliant work to thank for it. (Cheers to our friends across the pond.)
Closer to home, our COMPASS marketing magician, Tate Vobach, is ever ready and ever vigilant. If there's a path we haven't ventured down, Tate is sure to show us the way. and our transaction coordinator, Lydianne Beltran, seems to work round the clock chasing the never-ending paperwork that every transaction demands.
It takes a village to practice real estate and our tried and true vendor list includes tireless lenders, stagers, painters, contractors, handymen, floor refinishers, housekeepers, window washers, and gardeners too numerous to mention (but you know who you are). We thank you for your care and consideration, not to mention your valuable time and talents.
Improving our skills and teaching us new tricks is the task of our local manager, Shannon Mitchell, who enthusiastically has taken on the mission of making each of us a better Agent, and we could not be more appreciative.
Finally, the entire COMPASS family, from Dan Hershkowitz, to Rory Golod, to Leonard Steinberg, to Kathy Mehringer, to our visionary and unique founder, Robert Refkin . . . they each lead the way with grace and good intentions. (Yes, Virginia, there is a way for the fastest-growing real estate company in the U.S. to carve out humanity and compassion on the way to world domination.)
Having hung our proverbial hats at competing brokerages along the way, there's been no better or more supportive stable than COMPASS has provided for Sarah and me, and we're both incredibly thankful to have landed there AND to have found one another along the way. It's been a match made in heaven and I, for one, look forward to our continued partnership. (Bring on 2023.)
To all of our clients who make this remarkably challenging, rewarding, and exciting profession worthwhile, (and to those who were much tougher pie crusts) Happy Thanksgiving to you and yours. We wish you all good things this holiday season. (Please keep the referrals coming.)
Next up: Little John's toffee deliveries. Look for yours to arrive soon.
(P.S. The Perspective will be taking next week off to enjoy the holidays. Enjoy the bird/stuffing/tofu with friends and family.)
Julie Gardner, has been writing The Perspective for 18 years and has published more than 725 humorous but always informative, essays on life and real estate.