Number #1 question I get about real estate is “When Do You think the market is going to stop climbing, level out or go down?” I’m pretty sure the answer is “Now”. Every year since about 2011 the market has been on the rise. Some years more than others and each year the seasons and holiday times would give way to the natural ebb and flow of the market but I’m starting to see a real change right now in, what would normally be, the high season for buying and selling. I’ve worked with a number of sellers and buyers this year and just about a month ago a few things happened in my transactions that got me asking “Is this just my transactions this is happening in, or is this a trend that is showing signs of something else?” So I started asking all the other realtors in my office and that I was working with. At first, it seemed as if it were just my luck (or lack there of) that was witness to some interesting things going on in my sales. Then my questions started reflecting back that other realtors were experiencing some abnormal set-backs as well.
Here are five things I’m seeing that may be signs the market is making a change.
1. A number of homes aren’t flying off the market, even when priced and marketed very well. In fact, many were staying on for a few weeks and months and even some were starting to drop their prices.
2. Buyers are starting to really ask for a lot of request for repairs that seemed more than I had experienced in years which made me believe they were okay if they lost this sale and confident that would find another and be just as happy. Whereas in years before, they felt lucky just to get their offer accepted and didn’t want to rock the boat too much and lose out on a deal.
3. We’ve seen rates being to climb a bit however, they are still low enough that they are considered very good rates by history’s standards. But when rates go up even just a bit, some people are pushed out of their price range and what they can afford leaving them to “hold off” and either wait to save more money, wait for prices to drop or wait to see if rates drop back again.
4. Well priced good homes are getting high interest right when they hit the market for the first week, but after that, interested parties are seeming fewer and further between.
5. Short sales are starting to show up more.
I’ve been interviewed by NPR, LA Times, Realtor Magazine, Trulia, Real Estate Business Institute and many more regarding my expert opinion on the housing market. While I can’t make predictions, I have great insight into where the market is and what is happening. If you have any questions or if you are considering buying or selling soon, call me today!