It’s no secret. Here in the Grand Valley and around the United States, the real estate market has remained strong over the past two years. But the market also comes with challenges. 

Buying and selling a home is already a complex and emotional transaction. Add to that the COVID-19 pandemic, and things got even wilder. During the height of the pandemic, residential real estate professionals had to change overnight how to conduct virtual showings, virtual closings — virtual everything. 

Then began the “work from anywhere” movement, which prompted an unprecedented migration to places like the Grand Valley. As demand rose even higher for homes and multiple offers rolled in, agents scrambled to keep up while also keeping their clients happy and safe. 

Commercial agents worked with landlords and tenants during the pandemic to help come up with solutions as businesses shut down or operated under new restrictions. Then almost as quickly as the slowdown hit, there was a rush of buyers looking for properties.

News articles reported the market was tight because of low inventory. Instead, what we saw was a rather short shelf life. In fact, there’ve been more transactions than in other years. But the difference was properties were sold as soon as they hit the market.

That brings us current, and it seems the wild ride isn’t yet over. In 2022, both residential and commercial properties still show low days on the market and generate multiple offers. Now, inflation also drives demand. We’ve seen continued interest as people invest in either gold or real estate to hedge against inflation. After the Federal Reserve increased a key interest rate in March and announced plans for additional increases through the year, everyone is watching to see what happens next. 

Other uncharted changes are taking place. There are new ways to buy and sell real estate using cryptocurrency, transacting through blockchain or issuing mortgage backed NFTs like Fannie Mae has started doing. Yes, you can even buy real estate in the Metaverse, where there’s nothing real about it.

The real estate market changes nearly constantly. It’s up to real estate professionals to adapt, innovate and learn how to navigate the confusion. For clients, we’re here to make selling or purchasing property as simple and seamless as possible. One thing remains the same: clients need trusted advisors to guide them through the process.