A few weeks back, I went out on a limb and said that all signs were pointing to the fact the real estate market was waking back up again.
Buyers were showing a willingness to come in off the sidelines, I said. Could it be that they think the worst is now over?
No, no. Hopium be damned — the real estate market is alive again.
By Wednesday of last week — the first days post-March break, which is unofficially the start of the spring market — I personally witnessed four midtown houses go within hours of being listed.
Could it be that people are feeling optimistic?
Clearly consumer sentiment has improved. Though if a year ago someone had told me there could be excitement at seeing rates creep just below 5%, I would have told them to give their head a shake.
But those rates have clearly started to normalize.
Assisted by the fact that markets are evidently now considering the banking meltdown south of the border may serve to bring about the great pivot sooner than late-2024 as consensus had previously thought.
Even the permabears seem to acknowledge we are witnessing a rally of sorts.
But this appears to be more than that. This seems to also relate to a belief that the worst is now over and while it has certainly been bumpy, better days lie ahead.
But why is that?
