Djokovic on the Housing Market: It's All About Balance, Just Like My Diet!

Slightly Up But Are We Really Winning?

Alright folks let's talk housing! Apparently sales of previously owned homes rose a tiny bit in May – up 0.8%. That’s like winning a point after a 30 shot rally… satisfying but we've got a long way to go! Analysts predicted a decline so I guess we can say the market pulled off a 'Djokovic esque' comeback. You know always defying expectations just like when I’m two sets down. But let’s be real sales are still down 0.7% from last year. We need that 'vamos' energy people!

East Coast Surge: Is the Secret Gluten Free Bagels?

The Northeast is leading the charge up 4.2%. Maybe they're all fueled by the same dedication and discipline that I apply to my diet – which by the way is not just about abstaining it's about balance! Midwest and South also saw increases but the West? Down 5.4%. Seems like even sunshine and avocado toast can’t fix everything. As the National Association of Realtors (NAR) says it’s the most expensive region. Maybe they need to try my gluten free pancakes; it will turn things around!

Mortgage Rate Madness: The Real Villain

Lawrence Yun NAR's chief economist says it's all about the high mortgage rates. 'Lower interest rates will attract more buyers and sellers,' he says. Seems obvious right? It's like saying a tennis player needs a racquet to play well. But hey sometimes the obvious needs to be said. If these rates drop expect a 'Djokovic like' surge in home sales. I mean I can’t guarantee it but you know… I’m usually right. Just ask my opponents on Centre Court!

Inventory Boost: A Glimmer of Hope

Good news! The supply of homes for sale jumped by over 20% from last year. That’s like finally finding that perfect gluten free pasta at the grocery store. But with 4.6 month supply it's still tight. This is why prices are still up a median of $422,800 which is a record high for May. We need more balance people! More supply less price pressure. It’s like my serve and return – both need to be on point.

Cash is King... Still?

Demand is still strong which means that 28% of homes sold above list price. People are desperate I tell you! Sales are stronger on the higher end because there's more supply there. Cash transactions are up too at 27%. Seems like some people are living that 'no gluten no problems' lifestyle... with lots of cash on hand! Homes are taking longer to sell 27 days versus 24 last year. Patience people patience. Like waiting for the perfect moment to unleash a backhand down the line.

The Long Game: Just Like a Grand Slam

First time buyers are still low at 30%. This market is tough folks. It's a long game just like a Grand Slam. You need stamina strategy and maybe a little bit of luck. But remember 'believe in yourself even when no one else does.' And who knows maybe I'll start investing in real estate myself. Imagine: 'Djokovic Homes' – gluten free eco friendly and guaranteed to increase your well being! VAMOS!