- Joined
- Jan 31, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
That seems high, how are you?During the Great Recession I did tons of Foreclosure, pre-foreclosure and forensic appraisal reviews as values had dropped and money was scarce for loans. This time is different here. I'm not seeing many actual foreclosures as values are holding fairly steady, giving owners opportunity to sell before foreclosure. The demand here outstrips inventory, even at these higher interest rates. I suspect if rates would fall back into the 4's it would be like opening the floodgates and more sellers would be confident they could replace their current digs, and so would offer up their current residence. I'm betting many Boomers would like to have moved into smaller 1-story houses in my area and turn over their 3,000-4,000 sf 2-stories, but that inventory is low and prices remain high.
On the other hand, Boomers are making more inventory available as they leave this mortal plane. I was shocked to find 40% of my high school graduating class is already dead!Geez!!
Or was the high-school next to power plant?