It’s an interesting time in RE.
My moms, who is in her early 70s and lives in the SF suburbs, had been considering selling her home in the suburbs and moving to the city for a few years. I had encouraged her to do so last year, for lifestyle reasons, and to take advantage of the city vs suburbs price discrepancy. Unlike me, owning her home is important to her. But she didn’t want to do anything during the pandemic.
Last week, she told me she put her home on the market. In her estimation, the market is topping and then heading down, so now is the time to make a move. She is thinking to sell and rent in SF for a while until this whole thing shakes out.
I’m kinda proud that she’s still in the game w.r.t. working the market. And I also wonder about the other side, who must transact now on prices inflated by low rates that have since disappeared, even though the apparent writing is on the wall w.r.t. prices. This is not a rich person’s home, one where buyers have an infinite amount of money to splash around. The buyer will likely be some well-to-do salaried tech worker(s) grinding it out 5 days a week. They gotta buy now, cannot wait. My 70+ moms, on the other hand, has the drive to still play the game. Despite the fact that her wealth (~100% in home) will outlast her lifetime spending, and that any amount left is insignificant to my brother and me.