Here we are having been through a real estate cycle where everything was sizzling and then things fell off a cliff. More recently, we’ve seen a dramatic recovery in housing values, especially in places that were hit by the worst of the housing bust.
Where are we today? Should we expect housing values to rise another 13% next year like they did last year?
The reality is we went through a period in the spring where in a lot of markets houses would sell within hours of listing for well above asking price. Those stories kind of took on a life of their own and made buyers feel hopeless and sellers thinking unloading a house was going to be a snap.
The reality is things are coming back in a clear mix that’s reasonable for both buyers and sellers. So if you got discouraged, things are better. But the recovery from here on out won’t be as rapid as it’s been.