Melissa Cohn (pictured top), regional vice president of William Raveis Mortgage, said the market is starting to normalize a bit. While prices and rates are still a bit elevated, the increase in supply has allowed for a more normal homebuying experience.
“Buyers today have the luxury of being able to look at a house, think about it, and look at another house,” Cohn told Mortgage Professional America. “They know that the house that they like, even though they’re not quite sure they want to bid on it, is not going to run away from them. It’s a much healthier market than a market where, if you’d like it, you’ve got 10 minutes. If you don’t buy it, someone else is.”
Experiencing chaos firsthand
Cohn knows all about the craziness of the post-pandemic housing market. Not just because she’s a veteran of the industry, but because she was trying to buy a home in the chaotic market.
“I remember buying my home during COVID because I actually did relocate,” she said. “I relocated to Florida for business. I signed contracts on three houses because I just had to have a place to live. And then I got down there for the inspection, I’m like, ‘Oh my God, I don’t like this house.’ So I remember. I was part of the frenzy, and it’s not a good feeling.”
She noted that in certain markets where inventory exceeds buyer demand, it is not uncommon for buyers to secure a contingency from sellers, a scenario that was almost unheard of just a few months ago.