Remember when you were a kid and you’d hop on a swing and your dad or mom would pull you back and push you as hard as they could? That initial rush of speed is how I described the spring real estate market here in Lexington. Houses were selling so fast that you had to drop everything to show one to your client. Every time my phone rang I felt like it was a 911 call. I knew that if a client wanted to see a house that we better not wait.
Remember being on that same swing after that initial burst of speed? You know, you’re doing to same speed swinging back and forth but you don’t feel like it because you are already moving. I think that is where we are today. The market is rolling right along smoothly. The frenzy is gone though. Houses are still selling fast, but agents and buyers are use to it I think…..kind of like the 2nd time you ride the same roller coaster is not quite as exciting as the first time.
I am anxious to see what the rest of the year holds for the market. It has been exciting to watch it come back alive this year. Prices for the best neighborhoods in all price ranges are back up to about the 2005 peak. Even the least desirable areas have seen some appreciation. I think it will stay this way despite rising interest rates. I can see the rates slowing things down a little, but like everything, we will get use to it and it will be the new norm.