Ask Eli

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: What responsibility does a seller have to disclosure problems with their home?

Answer: Sellers cannot lie about or conceal material defects of their home, but in Virginia, property owners are under no responsibility to disclose them to a buyer. That’s because Virginia is one of the few states in the U.S. still operating under the common law concept of Caveat Emptor, meaning “Let The Buyer Beware.” This places the duty of discovery (of defects) on the homebuyer. Per Bankrate.com, the other states include Alabama, Arkansas, Georgia, North Dakota and Wyoming.

Residential Property Disclosure

The Residential Property Disclosure is required in most transactions except for sales between relatives, foreclosures, builders and a handful of other scenarios. The Disclosure, signed by the seller and buyer, states that the homeowner(s) makes no representations or warranties with respect to things like:

• Property Condition
• Sexual Offenders
• Adjacent Parcels
• Wastewater Systems
• Historic Districts

Alternatively, jurisdictions like Washington, D.C. and Maryland require extensive disclosures by homeowners. The D.C. Disclosure runs 4+ pages long and requires owners to make representations on every material aspect of the property and community including roof, insulation, heating/cooling, appliances, drainage, zoning and more.

Realtors Held To A Higher Standard

While Virginia homeowners aren’t required to disclose defects, the Realtor Code of Ethics holds us to a higher standard. A listing agent who is a Realtor “shall disclose to prospective buyers/tenants (customers) all material adverse facts pertaining to the physical condition of the property which are actually known by the licensee.”

While listing agents don’t have a duty to discover latent defects, they are required to communicate anything they’re made aware of through the standard course of the transaction be it discussions with the seller, inspection of the property, or otherwise.

Should Virginia Change?

Personally, I’d like to see Virginia make changes to the seller disclosure laws to balance the scales a bit. One could make a case that increasing disclosure requirements would reduce buyer risk, thereby making Virginia homes more valuable and pushing home values up across the board (sellers would still have the ability to offer “As-Is”). It would be particularly valuable in a market like we’ve had the last few years where due diligence periods are shortened or waived completely.

As a counter point, buyers in jurisdictions with heavy disclosure requirements can rely too much on what the seller says/does not say and fall victim to a seller simply not being aware of a defect that a buyer could have discovered through due diligence.

What do you think? Are you happy with the current system or would you like to see Virginia get rid of Caveat Emptor and place more duty on the seller to disclose material defects?

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: What effect will the recently announced move of Boeing’s headquarters to Arlington have on our real estate market?

Answer: I got this question from quite a few people over the past week, but it wasn’t until my Mom asked that I decided it needed to be this week’s topic!

The news itself, Arlington becomes Boeing’s Global Headquarters, seemed to be another massive shock to our real estate market just a few years after Amazon’s HQ2 announcement sent demand through the roof. Fortunately or unfortunately (depending on whether you’re on the buying or selling side), that is not the case and it’s unlikely to have a material effect on the housing market in the near or mid-term.

For now, Boeing is not planning much of a change in their workforce in Arlington or Chicago, where they’re currently headquartered. The CEO and CFO offices will move to Arlington, but that seems to be the extent of the immediate workforce changes planned.

It’s possible that in some one-off scenarios, this news will give more confidence in our local housing market to some buyers and investors and result in a willingness to make a better offer or an offer they otherwise may not have. However, it’s unlikely these cases will cause any sort of noticeable trend in an already thriving real estate market.

I do expect a longer-term positive effect (4-5+ years out) on the Arlington real estate market for a few reasons:

• It’s probably a safe bet to assume that future workforce growth, office expansion, and community investment will focus in Arlington
• As with Amazon, smaller companies and start-ups in the Boeing orbit will be more likely to carve out space in and around Arlington
• Hosting powerful and diverse corporate name brands like Boeing, Amazon, and Nestle significantly increases the likelihood of Arlington (and surrounding markets like Tysons and Reston) landing at the top of the list for other Fortune 500/1000 companies to relocate their headquarters here. In my opinion, this is the most important effect of Boeing’s Global HQ announcement.

As we grapple with some difficult and unique market forces — supply/demand disconnect, surging interest rates, soaring inflation, plummeting stock-market, and signs of a potential recession — news like Boeing’s choice to move its Global HQ to Arlington is an important reminder of the long-term strength of our housing market and its resilience in the face of economic headwinds.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: Can you summarize the important details of Fannie Mae’s new condo loan deferred maintenance requirements?

Answer: In response to the collapse of the condo building in Surfside, Florida last year, Fannie Mae issued new “temporary” lending requirements, effective January 1, 2022, for Condos and Co-ops to protect against future deferred maintenance issues and, hopefully, incentivize Associations to address issues faster.

I will highlight some of the key changes below, but I advise Condo and Co-op Boards/Management to review the policy changes in detail to ensure properties in your communities remain warrantable (banks will lend using traditional mortgage products), otherwise you’ll risk a significant drop in property values by limiting your buyer pool to cash buyers or those who qualify for alternative lending products (non-Fannie).

Significant Deferred Maintenance and Unsafe Conditions

This is the strictest of the new requirements, but also leaves a lot of grey area and subjective decision-making by each bank’s underwriter(s). The Fannie Mae language states:

“Loans secured by units in condo and co-op projects with significant deferred maintenance or in projects that have received a directive from a regulatory authority or inspection agency to make repairs due to unsafe conditions are not eligible for purchase. These projects will remain ineligible until the required repairs have been made and documented. Acceptable documentation may include a satisfactory engineering or inspection report, certificate of occupancy, or other substantially similar documentation that shows the repairs have been completed in a manner that resolves the building’s safety, soundness, structural integrity, or habitability concerns.

Significant deferred maintenance includes deficiencies that meet one or more of the following criteria:

• full or partial evacuation of the building to complete repairs is required for more than seven days or an unknown period of time
• the project has deficiencies, defects, substantial damage, or deferred maintenance that
  • • is severe enough to affect the safety, soundness, structural integrity, or habitability of the improvements
    • the improvements need substantial repairs and rehabilitation, including many major components
    • impedes the safe and sound functioning of one or more of the building’s major structural or mechanical elements, including but not limited to the foundation, roof, load bearing structures, electrical system, HVAC, or plumbing

…These policies do not apply to routine maintenance or repairs that a homeowners’ association (HOA) undertakes to maintain or preserve the integrity and condition of its property. Also, if damage or deferred maintenance is isolated to one or a few units does not affect the overall safety, soundness, structural integrity, or habitability of the improvements then these project eligibility requirements do not apply. Examples of this scenario include water damage to a unit due to a leaky pipe that is isolated or damage from a small fire impacting the interior of a specific unit…”

(more…)

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: How did the single-family housing market perform in the first quarter of 2022?

Answer: At the end of last year, I expected a strong single-family market, but didn’t think the market had this much appreciation left in it. Sure enough, by the 2nd week of January, we were regularly seeing escalations of 10% or more over asking prices (that were set on last year’s prices) and despite headwinds from higher interest rates, the Ukrainian war, and inflation, the single-family housing market maintained the early momentum through the first quarter.

Intense Competition in Every Market Segment

I pulled data for sold single-family homes that were listed for sale after January 1, 2022, excluding new construction, in Arlington, Fairfax County, and Alexandria, Falls Church, and Fairfax Cities (Fairfax County+) and the data is pretty incredible.

• The average, yes AVERAGE, home in Arlington and Fairfax County+ sold for 6.3% over the asking price
• Over 27% of homes sold for 10% or more above the asking price
• Homes listed for $750k-$1.499M sold for an average of at least 7% over the asking price
• In Arlington, 85% of homes went under contract within one week on market and 95% were under contract within two weeks
• It takes getting to an asking price of $2M+ before the average home sells below asking
• The days of getting sellers to (help) pay for buyer closing costs are long gone, with only 4% of Arlington sales and 6% of Fairfax County+ including any seller credit
• The average Arlington home sold for over $1.24M and the average Fairfax County+ home sold for over $1M

Months of Supply Explains Why

The easiest way to explain why we’re seeing such fierce competition and price appreciation is the Months of Supply (MoS) chart. MoS is a measure of supply and demand, showing how long the current inventory would last, based on the existing pace of sales. Fairfax County and Arlington had just two and three weeks of supply, respectively, in the first quarter. Six months of supply is what economists say is needed for a well-balanced market.

Without a surge in listing volume, which seems highly unlikely given how difficult and expensive it is for people to find their next home, the only thing that can balance out supply is a significant drop in demand, which there are few signs of to-date.

(more…)

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: How is the condo market performing so far in 2022?

Answer: The condo market has looked very different than the single-family/townhouse market since COVID struck. While the latter has exploded, the former struggled initially, but has stabilized and strengthened over the past 12 months. With the first quarter of 2022 behind us, let’s look at the data driving the Arlington and Washington, D.C. condo markets.

Prices Mostly Flat in Arlington and D.C.

I generally find that median, instead of average, price changes are more reflective of what most buyers/sellers experience in the market. The median condo price in Arlington is up 8.1% year over year in Q1 2022 and 2.6% in D.C. However, you can clearly see that the overall price trend over the last two years is mostly flat in both markets and up slightly from pre-pandemic prices.

Interestingly, the average and median $/SqFt in D.C. has decreased slightly over the last 12 months, but increased slightly in Arlington over the same period. My best guess is that it’s a reflection of less demand for smaller downtown condos (smaller homes tends to have higher $/SqFt).

Both Arlington and D.C. had noticeable increases in average sold prices year over year in Q1 2022, jumping 10.3% and 8.2%, respectively, with similar increases in Q4 2021. My best guess on this trend is that it’s a reflection of some buyers giving up on the single-family/townhouse market and turning to larger, more expensive condos as an alternative.

(more…)

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: Do you think it’s worth it to buy a home warranty and, if so, is there a provider you recommend?

Answer: Last week I talked about mitigating the risk of not doing a home inspection and failed to mention that purchasing a home warranty can also help reduce the risk of buying a home, regardless of whether or not you do an inspection.

What Is a Home Warranty?

Home warranties protect many of the systems in your home including things like the HVAC (heating and cooling), appliances and water heater. If one of those systems stops working while you’re covered, the warranty provider will repair or replace the system, or cut you a check to replace it yourself. One year of protection generally ranges from a few hundred dollars to one thousand dollars, depending on the scope of coverage.

Most home warranties are purchased by or for a homebuyer just before closing, but sellers can also purchase a warranty and benefit from protection during the sale period, or if something comes up on the home inspection, then transfer the protection on to the buyer. Homeowners can also buy a warranty at any time after buying a home, it doesn’t have to be associated with a sale. The provider usually requires a month or so between the time of purchase and coverage taking effect to prevent people from buying a warranty just when something goes wrong (pre-existing condition).

Are They Worth the Cost?

I generally find home warranties to be worth the cost for at least the first year of ownership. If the home you’re buying has old systems, consider buying multi-year coverage. Think of the expense like you would home or auto insurance. If you’re somebody who prefers to pay higher premiums for more coverage/peace of mind, a home warranty probably makes sense for you.

A common scenario I see where home warranties pay-off is with HVACs when a new owner transitions from heating to air conditioning in the spring. During the winter, it’s often too cold outside to test the air conditioning during the home inspection so AC issues may present themselves after closing. With a home warranty, those issues should be covered.

Recommendation: Super Home Warranty

Warranty companies tend have bad reputations with complaints ranging from difficulty filing claims, low quality contractors and lengthy delays. There were a few years that I stopped recommending warranties to most clients because of all the issues people were experiencing.

For the last ~5 years I have been recommending Super Home Warranty and have their coverage on my personal home. They’re responsive, have a good user platform/app, use high quality contractors for repairs, and I’ve yet to run into an unreasonable claim denial.

They also have some valuable inclusions that other warranty companies don’t offer like a contractor concierge that gives you access to their vetted contractors and a bunch of add-on services for a small fee like re-keying locks, carpet cleaning, and HVAC cleaning.

It’s worth noting that I don’t get anything from Super for recommending them, just in case this seems like a sales pitch.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: Do you have any advice to help reduce the risk of not doing a home inspection before buying a house?

Answer: The unfortunate reality of the current market (and the market of the last ~18 months) is that, in most cases, to make a competitive offer on a home, buyers are absorbing all the risks (financing, appraisal, inspection, etc). Understanding the risk/benefit trade-offs and the downside potential of these risks is critical in such a fast-paced, expensive real estate market.

Risk Management is Critical

If I had to guess, I would say that at least 75-80% of winning offers on local homes that go under contract within the first 1-2 weeks do not have a home inspection contingency, meaning they are either not doing a home inspection at all (unfortunately common) or doing a pre-offer home inspection. As with nearly every decision you make in real estate, this needs to be done with great consideration for the cost of the risk and the value of the upside to make sure it is the right decision for you on a specific property.

Part of that risk assessment is making a determination on the condition of the home — whether it has “good bones.” Having a home inspection done is the best way to reduce the risk of buying a home with condition/maintenance issues but is no guarantee that everything will be caught. If you can’t do a home inspection, seeing a home with a trusted, experienced real estate agent or somebody in the home building/improvement industry (contractor, builder, etc) is also a good way to reduce your risk.

Property condition/maintenance issues show up in a multitude of ways. Below I’ve summarized some tips on assessing a home’s condition from inspectors I work with, an article written by Stephanie Dickens of BOWA, a local design-build firm, and my personal experience.

Observe How Water Moves

Water is a home’s worst enemy and poor water management can lead to water pooling against a home and getting into the cracks of the foundation, which can lead to structural deterioration over time. A musty smelling basement is a sign of poor water management. Look at where gutters drain — I often find that they’re dropping water right next to the house instead of sending it away. Look at the grading (slope of the yard) and if water is running towards the house, look for drainage systems. Sump pumps are nice, but they should be connected to a battery back-up in case power goes out.

Good vs Bad Cracks

Cracks can be deceiving. Something as small as a crack in the drywall could be a sign of larger structural issues, but are most likely cosmetic. Straight, hairline cracks above openings or at joints, like the one pictured below to the left, are nothing to be alarmed about.

If you see jagged, diagonal cracks that are wider than 1/8″, like the one below to the right, the house may have settlement issues or insufficient framing. A pattern of uneven floors and cracking around support (e.g. lintels) in one section of a home can be a sign of a bigger issue.

Level Floors Are a Good Sign

A nice, level floor indicates good structural support. If you look up to where the ceiling and the wall meet, the corner crease should be mostly straight. If the floor looks wavy or dips down in the middle, the floor joists may be sagging and need reinforcement. Uneven floors do not necessarily indicate a problem, rather are justification for a harder look to see if there are other signs of active issues. We have plenty of well-built old homes with uneven floors around here that have been that way, without issues, for decades.

(more…)

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: Do you know if Associations in Virginia have begun banning smoking using the new law?

Answer: Last year, I wrote an article about Virginia’s new law that allows Condo and Property Owners Associations to easily ban smoking inside units/homes via a new resolution to the rules and regulation, which generally requires a simple majority vote by the Board. Prior to this, Boards could ban smoking in common areas this way, but smoking bans within units/homes required a lengthy (multiple years), costly, and resource intensive effort to get a 2/3+ vote from owners to change the by-laws.

I have heard from a couple of Condo Associations that have implemented this new law to ban smoking and I would love to hear from other readers, in the comments section or in email, who have either passed a new smoking ban resolution, are in the process of doing so, or have run into challenges trying.

Last year I spoke with attorney Michael C. Gartner (703-280-9267 or [email protected]), a Partner at Whiteford, Taylor, & Preston LLP and current President of the Community Associations Institute (CAI) Washington Metro Chapter, about the new law to make sure I was clear on the implications this has for Virginia condos and POA communities.

Mr. Gartner confirmed that the new law, effective July 1, 2021, does in fact allow condo and POA Boards to ban smoking inside private residences with a simple majority vote of the Board. He also offered some helpful advice and caveats for any Boards/communities who plan to move forward with in-unit smoking bans:

• In rare cases, some by-laws may specifically restrict a Board’s ability to make certain rule changes or require something other than a simple majority, so Boards should have an attorney review their by-laws prior to proceeding with a smoking ban
• Smoking bans should be written as a compliant resolution through legal counsel, not as a simple motion
• Enforcement is always a challenge for Boards (noise, trash, and other common rules always present enforcement challenges) and Boards may want to work with their legal counsel to establish compliant enforcement protocol
• The new law includes a provision that allows owners to call a special meeting to vote and repeal a change in the smoking policy
• Smoking ban policies might flip back-and-forth as new Boards are elected and the majority votes for a new/different smoking policy than the previous Board

Last week, I followed up with Mr. Gartner on the new law and he said that he has several clients (condo buildings) considering implementing a smoking ban and so far is not aware of any legal challenges or considerations that would change the opinions he shared last year when the bill was approved.

Please use the comments section or email me if you are in an Association who has taken advantage of this new law or is planning to!

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: I’m beginning my home search and want to be within walking distance of Metro. What do my options looks like?

Answer: It’ll be interesting to see if buyers value Metro proximity differently long-term because of lifestyle and professional changes brought about by COVID. I’ve certainly noticed a reduction in the number of buyers I meet with who include being walking distance to Metro as a core requirement, but it seems that we’re quickly returning to previous buying habits so I think preferences for Metro will mostly return to pre-COVID patterns.

If you’re searching for a home in Arlington within walking distance to a Metro, it’s helpful to go into your search understanding what type of inventory you’ll find. Unsurprisingly, condo buildings dominate the market within walking distance of Metro stations, making up over 69% of total sales over the last two years.

The following table summarizes sales over the last two years within 2/3 of a mile of each Arlington Metro station. I left out the Arlington Cemetery and Pentagon Metro stops.

• The Metro with the highest average sale price is East Falls Church, but that is because it’s the only Metro station where the majority of sales within walking distance are detached homes
• Pentagon City and Crystal City, the Metro stations that make up National Landing, are the most difficult locations to find homes to purchase because so much of the surrounding housing is rental apartments
• Virginia Square has had the most homes for sale within walking distance
• Clarendon and Virginia Square are surrounded by the most expensive detached. Rosslyn and Clarendon boast the most expensive townhouse/duplex homes.
• Rosslyn’s luxury condo buildings make it the most expensive condo market by average sold price, price per bedroom, and price per square foot
• On average it costs $552 per SqFt and over $368,000 per bedroom to live within walking distance of a Metro in Arlington

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: The market seems even more intense this year than last, is that accurate?

Answer: I didn’t think the market had much more room to absorb higher prices and intense competition again this year, but that has proven to be wildly untrue. From single-family homes to condos, the first ten weeks of 2022 has given us even more competition and price escalation than last year, all while interest rates have spiked.

High Escalations, Fast-Paced Sales Across All Property Types

I compared sales of Arlington properties that were listed and under contract in the first ten weeks from the last five years to measure how the start of 2022 has compared to previous years.

Detached/townhouse properties are selling for an average of 4.9% over asking price with 85% selling within seven days on market and 92% going for at or above the asking price. These numbers dwarf what had been historically competitive first quarter markets in the previous four years.

The condo market, which suffered through much of the pandemic, is officially back with competition and escalations picking back up to levels close to what we saw during the post-Amazon HQ2/pre-pandemic market. We’re still seeing above an above-average volume of condos being listed for sale (based on 5yr averages), which is keeping the condo market somewhat in-check, but I expect the intensity of this market to increase through the spring and deep into the year.

What About Higher Interest Rates?

Thus far, the market has mostly shrugged off intense headwinds created by rapidly increasing interest rates (see chart below), plummeting stock prices, and the war in Ukraine. Just yesterday rates jumped another .125-.25%.

There must be an inflection point somewhere, but so far hyper-low inventory, rising incomes and high demand have kept us from it.

(more…)