A long time ago, back when I was cool, I was in a band that toured all over the world. It was a pretty great time, and I got to experience life outside my (at the time) North Jersey bubble that I would not have been able to experience otherwise. One of the memories that sticks out in my mind was playing a show in (what was) East Germany after the Berlin Wall came down. There was a mixture of East and West Germans dancing and hanging out, but it seemed like the East German population, new to freedom and art, needed a little more encouragement that it was fine, and they weren't in trouble.
This past weekend at the local Shoprite (the new one...on 35...yes you have to go!) brought me right back to that show. Half the people were wearing masks, the other half weren't, and people seemed more intent on watching the reactions of others than they were on their cucumbers, cereal or soy milk.
This all got me to thinking: How will this new mask mandate lift affect the housing market?
A long time ago I made a prediction, but like all my predictions, I thought it might grow legs, it might not. After 3 or 4 wins, I have predicted the Giants to make the playoffs. I have been wrong, many, many times there. But here? I think I was right on. I thought when the mask mandate is lifted, it will boost consumer confidence and we will finally start seeing the backlog of homes unlisted for the 2 prior years hit the market.
Where will this crazy housing market end? When the masks come off. That was my prediction then, and I am sticking with it now. To understand this business, you have to understand human emotion and need. People were not ready to let others into their homes, so they held back. This created a hyper inflated market, which with the introduction of new inventory, will begin to level out.
Now, before you start looking for that $800k home to be listed for $650k this weekend, easy does it...that's not how this will work. Imagine the housing market is a roller coaster, and it's just been vertically climbing for the past 2 years. It will take some months to start to level out, and maybe a year or more to truly become a balanced market (equal number of buyers and sellers). However long it takes...I believe it will start to happen now, with New Jersey losing the masks.
Mask or maskless, be safe out there, wash your hands, and be kind to each other. And if you are thinking of selling, the getting is still great...let's talk!
Until next week,
Chris & Nikki