Business View Magazine - Sept 2023

58 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 9 Maddente describes a real estate market that has experienced a significant shift, driven by various factors. She says it was initially the COVID-19 pandemic, which led to a surge in demand for homes as people adapted to working and learning from home, noting, “The market just took off and went crazy. Along with that, people also realized they didn’t need to live five minutes from work, they could live anywhere. That lasted a couple of years, and then obviously, we all knew that it was going to come, the inflationary part of this equation.” Rising interest rates have presented a new challenge, with many potential sellers hesitant to move from their homes. Consequently, there is still a shortage of available housing inventory, and prices continue to rise. “We still are seeing lots of multiple offers, but people are a little more cautious. We still have things going way over asking, but not to the magnitude we had during the COVID market when the money was free,” she says. In this complicated market, real estate professionals must be well-informed and equipped to guide clients effectively. Education plays a crucial role in ensuring that they can navigate shifts and provide valuable insights to buyers and sellers. “They have to go through lots of history about what’s happened in the real estate markets over the years. A six-and-a-half percent rate is still a very good rate. People don’t realize that. You have to take them way back,” Maddente recounts. With forecasts from leading economists and the National Association of Realtors suggesting that rates will decrease into the five percent range in the next year, she says it is important to encourage people to keep moving forward. “You just have to let people know, it’s fine, don’t disrupt your life by not doing what you need to do. Like everything else, this too will pass. It’s really about educating our agents to