Blog

By Thomas Haught

Is real estate still hot, or not? Are current real estate trends good, bad or somewhere in between? 

At the beginning of the COVID-19 pandemic, the general assumption was that the real estate market was going to suffer. That did NOT happen. Instead, we saw one of the strongest real estate markets (if you were a seller) in generations. Interest rates were lower than at any time in history, and outdoor and home office space suddenly became important. But low inventory meant serious bidding wars. Any local realtor can tell you of listings hitting the market at breakfast time and the seller sifting through dozens of competing offers before lunch. 

The potential problem with that frenzy? Buyer regret. Buyers were forced to compete and overpay. Now that the COVID-19 fires have cooled, and interest rates have heated up, buyers are left with that uneasy feeling of living in a home that has a market rate far less than the buyer’s outstanding mortgage. Couple that with a cooling economy and thoughts of the 2008 real estate crash come to mind.

However, Gardi, Haught, Fischer & Bhosale Ltd. does not predict another crash. Before COVID-19, mortgage interest rates were slowly rising. The massive drop in interest rates during COVID-19 was a temporary lifeline to keep at least some sectors of the economy healthy. That benefited both sellers (undoubtedly), as well as buyers (so long as the buyer paid close to the market value). But even current rates are both reasonable and drastically lower than historic highs.

The need for housing is ever-present. Sure, buyers flocked to buy houses when interest rates were 3 percent, but buyers also bought houses when interest rates were in double digits. At the time of writing this blog, interest rates hovered in the mid- to high-6-percent range. In the late 1970s and early 1980s, if you told someone they could get a mortgage at 6 percent, they would laugh you out of the room.  While there is always a lag on buyer expectations on how much it costs to purchase a home, that paradigm has never failed to shift.

If you have questions related to buying real estate, contact the lawyers at Gardi, Haught, Fischer & Bhosale Ltd. for guidance by requesting a free case evaluation button below.

Client Testimonials

Jimmy Su

We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.

Sagar Kanabar

Jeannette Gonzales

Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.

Ardus

We used the law firm during the sale of our house. We dealt with Mr Haught and Courtney, who made the process very smooth. They were professional, yet very friendly to deal with.I would not hesitate to recommend them to my family and friends.

vanissa colaco

Our immigration experience with Ann Fischer has been amazing! She has been meticulous, organized and worked on our case in a timely manner. Ann and her team went above and beyond to address all of our concerns and provide a personalized support which made a significant difference during our stressful time.I highly recommend her services to anyone seeking legal representation for their immigration matters.

Mike and Keeley Aulert

We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.

Waseem Chaudhry

Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry

Khurram Ghani

Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!

Ryan B

I'd like to thank Gardi, Haught, Fischer, & Bhosale LTD and the whole Team! For amazing service. They made my selling experience fast, easy and at my convenience. I'm very thankful for the whole team over there. Their service meant alot to me and will be using them in the future. 10/10 !

Roberta Murphy

We worked with Tom and Courtney mainly on our recent closing. While it did not go as planned (all the other side’s issues) they did a great job keeping us informed and in track. Highly recommend.

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