Am I paranoid or is our real estate market drawing its last breath? I own a home on a cul de sac, four bedrooms and a gorgeous lagoon-type pool, in a desirable neighborhood. After two years of painting, decorating and renovating I thought it was so sharp that I could sell it myself as I am a previous Realtor. For 30-plus days I held it open, ads in newspaper, even paid to have it on the Multiple Listing Service. I did not have one buyer call me for an appointment. Realtors called with questions, and although I was offering a courtesy commission, no one showed it.
I thought, well, maybe people would rather not deal with the owner. That’s silly, as the owner can tell you all about the home, its personality/quirks, etc. I listed it, full service, with the broker who sold it to me and it’s been two weeks on the MLS via an active agent and still no showings. I thought the first person who walks in will want it but I can’t get anyone to walk in. This house has now been on the market six weeks without one showing. The reason given by agents was the interest rate. A 5-6.5% interest rate, along with the price of homes, was not working.
I was wondering if our political administration is aware of what is happening across America. I know (former Federal Reserve Chair Jerome) Powell did not want to lower the interest rate. Obviously he was not in the house buying or selling market. I’m not in a hurry. I am making a move because I want to, not because I have to. I’m a lucky one. But what about the families who need to make the move, the husband has been transferred to a different state with his job, a military family who want to be together but the wife has to stay behind to sell the house while the husband has to accept orders, or those who lost a job and need to move near family or to a less expensive state?
I’m not hearing much about this in the media but it’s a huge problem. The interest rate must be lowered if we want America to keep on rolling along.
Maggie Lockridge
Santa Clarita
