Posts made in August 2021

Just In: July’s Market Report

The local real estate numbers are in for July, and you might say, “the pilot eased back the throttle just slightly.”

The market remained hot, with homes selling on average in just 14 days (less than half the time of a year ago) and for 2% more than asking (easing just a tad from the previous month).  Closings were down 4% from June and 7% from last July.  New Listings were up a bit. So when the dust settled, Inventory was up considerably from June but down considerably from a year ago.  Inventory remains extremely tight at 2498 units and a .7 month supply— whereas 7x that number would be nice.

So, bottom line, market activity eased from red, red hot to red hot.  But, regardless of the temperature, We’re busy making good things happen for buyers and sellers.    

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An Attack on Private Property Rights

As you may have heard, despite the US Supreme Court has issued a stern directive not to do so, the Biden administration extended the moratorium on evictions.  (And make no mistake about it, this isn’t a partisan issue.  After all, it was the CDC under Trump who started this.)  The moratorium has been in place for 18 months and will now continue through October 3.  Hmmm, maybe.  We’ll see.

And all this time, mom n’ pop owners of rental properties have been without income—no money in.  BUT lots of money going out.  Think property taxes, insurance, utilities, lawn mowing, repairs, and more.  How’s that work?  It doesn’t.  It’s that simple.  It doesn’t.  One of my clients had a duplex.  Neither side was paying.  For six months or more.  When they finally vacated, the one side left a $10,000 cleanout and repair job for my client to pay.

The moratorium pretty much guarantees that only corporations like the ones I wrote about last week can afford to be landlords.  This is an attack on private property rights.  Enough is enough.  It’s time to let your elected reps know that they need to be protecting private property rights.  Do it now.