• THE PHOEBE FILES •
Your Weekly New England Real Estate Conversation
Phoebe Schreiner, our Real Estate and Lifestyle expert, answers your questions about the Connecticut and New England real estate market, along with other great coastal finds and designs. Take a scroll to see the latest Q+A on The Phoebe Files.
Dear Phoebe, How long is this market going to last? Is the housing market going to crash?
Phoebe Says:
Last week we answered Ellen’s question on what’s driving this insane market. It’s a prefect segue to this week’s question from Marc of Mystic, CT (one of my favorite shoreline towns btw!).
Are you asking yourself the same questions? How long is this going to last? If so, you’re not alone. This question is asked of me Every Single Day. In many cases, multiple times a day.
Truth be told, it’s hard to say, but predictions are – we’re into this market for the next 12 months. So, buckle up and prep for the long game. This market is not going to change anytime soon. Please don’t shoot the messenger.
So what happens when it’s over?
There are three major factors that show the Real Estate Market is not headed for a Titanic sized iceberg.
- Cash is King: Mortgage Insiders are sharing that there’s a big decline in the actual number of mortgage applications. Hello Cash Buyers (yes, even with these low interest rates!). This is KEY as it helps to stabilize the market and prevent a repeat of 2008 when Lehman Brothers collapsed because of overexposure to subprime mortgages causing the market to tank. Literally and Figuratively.
- Spring has Sprung: The peak of the Spring real estate market is underway. Bring on a more inventory. Yes, there WILL be more inventory. (Dear God, it’s Phoebe…please get this memo.)
- Light at the End of the Tunnel: Vaccinations are UP, the weather is better, and states are lifting some of the restrictions all of which is giving people a much needed dose of confidence (pun intended) to start resuming some sense of normalcy in their lives. Back to normal = more likely to leave your home and allow others IN your home = more likely to sell a house you’ve been considering selling for a year now.
Here’s the good news, even with inventory low, and prices exploding, there’s not a predication for the market to crash. You just need to ride the storm and know that if a house is listed for $500K, the Seller really means $600K, no inspections, waive the mortgage contingency and be prepared to play Russian Roulette at the house hunting Wheel of Fortune.
As I say to every client…the right house is other there and you’ll find it. Don’t get frustrated. Just have patience and stay the course. Your perfect house is out there.
got a real estate question for phoebe?
Have a question for me? I’d love to hear from you. Just hit that the ASK PHOEBE button below or email me at pschreiner@wpsir.com And be sure to follow me on Instagram @phoebeschreiner for all things Real Estate, New England, Design and Living on The Shoreline.
From My Nest to Yours,
Phoebe
Phoebe is an award-winning real estate agent who is a lifelong New England resident. She currently lives in a 1790’s farmhouse on the Connecticut Shoreline with her two teenage daughters and husband. She’s known around town to be the go-to for anything Real Estate, local hot spots as well as handing out tips on her design knowledge.
Phoebe believes everyone should love where they live, and she’s deeply committed to elevating her client’s real estate experiences. Nothing gets her more excited than helping someone buy their first home or sell one they’ve happily lived in for decades.
As a realtor, she services all of CT and specialize in the Shoreline area including Madison, Guilford, Branford, Clinton, Westbrook, Old Saybrook, Killingworth and Haddam, but knows all of Connecticut well, being a lifetime resident.
Phoebe is passionate about design and is constantly offering creative and sustainable decorating solutions to friends and clients. She has a collaboration with the online Auction website www.auctionninja.com, @auctionninja and has been chosen to be their Guest Curator. Phoebe also has a weekly article on www.Patch.com called ‘The Phoebe Files’ which focuses on all things Real Estate.
When not working with clients, you can find her on the yoga mat, riding a horse or sipping coffee at East Wharf Beach.
