However, the pace of change we have witnessed in the last 6 months is incredibly unique. Interest rates, specifically, have seen the greatest pace of change in decades. This is, in turn, affecting demand and the pace of appreciation
Bottom line, the days of double-digit price appreciate are over. We are headed toward a more BALANCED, NORMAL market.
So, with change in the short term, what do we expect for the long term? We believe the market will return to its historical rate of appreciation of about 5.7% per year. It’s like going up a flight of stairs. We are still going UP, just at a slower pace.