For most real estate professionals, including lenders and appraisers, 2022 was a transitional year. For the most part, gone is the “blue skies forever” thought processes. Instead, endless optimism is being replaced with a good deal more balance and perspective.
On December 8, 2022 the 2023 Connecticut Chapter slate of officers and directors were installed by chapter past president Linda Sepso, SRA at Casa Mia at the Hawthorne. Chapter Officers and Board of Directors are as follows:
Just last summer, with COVID mostly under control, the big discussion from every venue was whether employees would return to the office, or not. The debate was intense, as some companies tried to insist upon having employees back in their office seats. Other companies were allowing work from home on Fridays and Mondays.
Hindsight is good for following patterns forward! Dust off the rates. Open the gates. Let’s get going. Get the shovels and the paint and pave the drives with care. We are shovel ready and not too soon for a new coat. We deal with certainties and build for the future, hedging the known uncertainties, and taking risks.
The year past in housing has been tumultuous and thought-provoking. In fact, the last few have not exactly been steady as it goes. And contrasting now with last December is attention-getting, showing some interesting and fundamental changes. 2021 seems a long time ago now, doesn’t it, a different time?
What a whirlwind 2022 has been for both real estate and equity markets. On the side of residential real estate, we have seen not only the highest prices paid for homes, but perhaps the highest rate of price appreciation seen in decades. (at least for the first few months of the year).
Headlines abound regarding rising mortgage rates and the housing crisis: “Fed pursues house demand destruction by increasing mortgage rates”; NPR headlines “massive housing shortage;” “Housing crisis and homelessness
The dramatic changes in a vibrant labor force are impacting just as dramatically the built environment. For any development, investment or speculation, determining the highest and best use (H&B) is first and the ongoing analysis. The appraisal process describes a 3 or 4 step process.
Some items worth thinking about. There are a lot of questions asked here. Many of the answers may not be yes or no response but may have a lot of “it depends….”
Housing. The housing markets seem to be in some disarray. It’s a bit amazing to see how the price of debt drives
The residential market in New England, and much of the country for that matter has seen the highest level of both activity and increases in prices in decades. The past two years have been somewhat blinding in terms of both pace and market appreciation.
