Have you heard the expression, “It’s the speed of the bullet, not the weight, that harms?” I think that aligns well with what we have experienced in the real estate market — fast and rapid succession of interest rates that have “killed” a robust market, at least in many parts of the country.
Sales Slowing, Prices Stable
As for Hawaii, we’ve definitely slowed as sales volume has decreased dramatically. Interestingly enough though, prices are still holding strong and in some markets across the state, we are still experiencing multiple offers and over list price offers. As we always say, “All real estate is local,” and in Hawaii, demand for housing remains strong. Of course, we are seeing downward pressure on prices in some neighborhoods, but overall prices are amazingly stable. One can only speculate, but we won’t be surprised to see a massive surge to buy in our islands once rates dip a bit. Some speculate that even a modest decline below six percent will heat things up. Only time will tell.
Regardless of whatever real estate cycle were in, to quote our Principal Broker, Matt Beall, “Life keeps life-ing.” People get married, families expand. Job promotions happen. So do job losses. People upsize, downsize, and move away. Death, divorce, finances, and a million other factors continue to drive the decision-making of Buyers and Sellers. And as a result, there will always be activity in the real estate market. Always.
Tempo Changes
So yes, the real estate market has slowed and the tempo has changed, but as professionals, we simply adjust our rhythms and we keep our eyes focused on doing what we always do, which is serving our clients. A slowing market doesn’t necessarily mean slower days for us nor does it mean less work. In fact, it can mean more work and more time and effort to get properties into escrow and sold. In a changing market, managing expectations and educating buyers and sellers about current trends and challenges is incredibly important and are all part of our process. We constantly adjust our daily rhythms to meet the demands of an ever-changing market, but our core fundamental practices and commitment to service does not change.
Slowing Down in Life
Speaking about slowing and rhythms, how are your daily rhythms? When it comes to life, slowing down is not a bad thing. Not at all. Don’t we all need a little slowing? Bestselling author John Mark Comer says, “The solution to an over busy life is not more time. It’s to slow down and simplify our lives around what really matters.” He’s right. In the interest of our mental, physical, spiritual, and emotional health — in an increasingly complex and fast-paced world — it makes sense to eliminate hurry from our lives. To slow down, to sabbath, to rest and renew.
Like the real estate market cycles, our lives go through cycles and changes. We have highs and lows, stops and starts, challenges and crises. Though we can’t control a lot of what comes at us, we can control some things, including how we prioritize our time and our health. We can develop practical ways to reject chronic busyness and to embrace real life. We can learn to avoid constant distraction and hurry and learn to adapt healthy rhythms — rhythms of rest and renewal.
Finding a Healthy Rhythm
When it comes to real estate and life, seasons change and so do circumstances. Yep, life keeps life-ing. A lot of what happens in life (and in real estate) are beyond our control. But, we can pay attention to our rhythms and we can find new rhythms. Healthy rhythms. We can simplify and prioritize our time well and we can focus on core principles and the things that really matter. We can love and serve others well. And, we can practice silence and solitude, sabbath and simplicity. We can slow down. Just like the market 🙂
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