The Perfect Storm in the Real Estate Market: What Caused It & When Will It End?
Factors contributing to the "Perfect Storm" in the Greenwich market and elsewhere are
1. Low-interest rates have dramatically increased buyers' purchasing power
2. Demand for more space spurred by the "work-from-home movement"
3. Low inventory for existing single-family homes and new construction. A 130% rise in lumber costs as lumber supply chains were discrupted during the pandemic
1. Low-interest rates have dramatically increased buyers' purchasing power
2. Demand for more space spurred by the "work-from-home movement"
3. Low inventory for existing single-family homes and new construction. A 130% rise in lumber costs as lumber supply chains were discrupted during the pandemic
How and when will it end?
1. An increase in supply through new construction
2. A decline in demand with rising interest rates
3. We anticipate that the market will gradually stabilize over the next 12-24 months.
1. An increase in supply through new construction
2. A decline in demand with rising interest rates
3. We anticipate that the market will gradually stabilize over the next 12-24 months.