This week’s Capital Market commentary is provided by Tom Powers:
The Labor Day weekend will be upon us soon and it looks like a considerable number of assets will be coming to market throughout the country immediately afterward to try to take advantage of the strong demand, lack of supply, low interest rate environment and desire of investors to complete one more transaction prior to the end of the year.
The biggest complaint for most of the summer has been the lack of available properties to purchase. We believe this will change dramatically in about two weeks and that will result in a considerable increase in closings as we end the year. It may only be August but it seems that people are already tired of the election circus going on and are deciding to focus on what they were hired to do – either buy or sell real estate. They are no longer going to let Washington drive their plans. Sure we would all like to know what the rules are so we can figure out how to play by them, but based on what we’re witnessing, it is becoming apparent that we can’t wait for Washington to make the rules, so folks are starting to look at how to play without all the rules defined. Scary times? Probably, but without risk your chances for reward are greatly diminished.
Looking forward to the election being over, and looking forward even more to many successful transactions for all of us between then and the end of the year.