Home > A GOOD TIME TO REVIEW CURRENT MARKET CONDITIONS!
Real Estate often enjoys a “second season” in many markets during the late summer and early fall, when there is often renewed interest in certain communities and specific types of properties. This trend is brought about by families shifting their focus for the remainder of the year, as they evaluate their family and job needs and real estate prospects for the fall and winter. The current interest rates are very attractive, which continues to help buyers and sellers, it is still a good time in real estate and a good time to review the current market conditions.
We are noticing an increase of price sensitivity and price resistance in buyers within all different market segments. This is a very important fact, which especially concerns sellers, with regard to current asking prices for their listed homes. In working with different buyers, other agents/brokers from our office, as well as from different companies, it is clear, that buyers, as well as a lot of buyers agents, have become much more conservative when it comes to making offers. While sellers are often under the impression that “a buyer can just make an offer, if they feel the price is too high”, a lot of buyers and their agents do not feel comfortable with making a lower offer anymore and won’t even consider looking at a home in the first place, if they feel the price is too high. Times and market conditions have changed. Appraisals are being handled more conservatively. Buyers are more informed about current market values, beginning their searches with viewing properties on-line, people in general are busy and very conscious about not wanting to waste any time.
Some sellers are more motivated than others, everyone’s financial and personal situation is different. There are many variances of types of properties, conditions, updates, upgraded features and so on. A seller needs to determine what is most important for his/her current circumstances. Some areas are more depressed than others. Some properties are rather unique, appeal to different lifestyles, or may have challenges.The market, inventory and current demand control salability, the activity on active listings speaks volumes. This includes the number of showing appointments, viewing activity on the internet, social media sites, feedback and comments received. Price adjustments may be necessary, if sufficient marketing efforts have been made without achieving the desired results, the activity shows what the market will currently bear.
For many sellers, this is the time for review. For many buyers, this is the opportunity to find the home of their dreams after all for fair current market value.
As always, we are here to help our clients any way we can.