Broker Associate
508-826-7661
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www.lisashawsells.com
By Lisa Y. Shaw
End of Summer brings cooler days and nights along with a slight cool down to the real estate market too. After over 18 months of a sizzling sellers market, it looks like things are slowing down just a bit. Days of crazy open houses and sellers receiving 35 over asking price offers, many of them cash, aren’t completely gone but it looks like they’ve cooled off a bit. With rates still low and inventory as well, what would cause this temperature change?
After working with many buyers over the decades, I can honestly say the last few years have been the most difficult I’ve seen from a buyer’s perspective. That in itself is part of what is causing the change. Many buyers, after bidding against multiple other buyers and losing more than once, have finally decided to ride it out and wait for the market to slow down a bit before continuing their search while others are opting for out of state options. Most other moving parts of the industry are remaining constant; rates are still below 3% for the most part and inventory and prices are still holding their own.
After several consecutive weeks of declining closed transactions, this is starting to look —more like a trend than a fluke. Economists and investors believe these prices and inventory will continue on this path for several more months and at least until rates start their ascent. What does that mean for you if you’ve been thinking of selling but haven’t gone to market yet?
At this point you’ll need to weigh your options, list this Fall and possibly take advantage of the last few months of this crazy sellers market or wait until Spring and see if things have held steady. It’s definitely a risk and you should base your decision on why you’re selling.
If you need to sell in the next couple years, now is the time; if you’re selling to take advantage of this market, I suggest taking a good look at where you’re going and what you’re options are. Inventory isn’t conducive to being particular and rentals are at an all time scarcity as well. If you can make a detailed plan for where and what your next home will be and solidify it before you list, this will put you in a much better position. Too many sellers jumped into the market and accepted over list price offers quickly and then had nowhere to go, leaving both the buyer and seller feeling homeless, not a position anyone wants to be in. Basically having a discussion with a reputable Realtor and possibly accountant or other professional before deciding to sell so that you can make an educated decision is always your best bet! Feel free to reach out if you have any questions at all or even want to discuss options; two heads are better than one and advice is free—take advantage of it.
Lisa Shaw, RE/MAX Executive Realty
508-826-7661
