The New "Normal"

People talk about returning to "normal. What is "normal" anyway? For some, it's the "good old days."

Actually, it’s an average. It means things have been better and things have been worse.

In real estate, when people talk about "returning to normal" I think they’re talking about 2004-2005. That was not normal.

"Normal" used to be when people would trade homes every few years. Now, they are willing to stay in them much longer. Aging-in-place is a big factor.

Regardless, normal to me is when people can put their homes on the market, sell them in 2-3 months, get close to what they’re asking, not get attacked and beat up over a bunch of concessions, find another home that is within their affordability range, get financing at reasonable terms, move into their new home (not necessarily brand new), and enjoy it.

I don’t need homes selling before the dirt settles on the yard sign or sellers making back all of the “lost” equity they feel they’re entitled to.

Normal is stable. Normal is sane. Normal is somewhat predictable. Normal is good. We can do that.

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