Oh this market. There are as many opinions on it as there are buyers. There is as much “truth” available as there is houses. Here’s one thing we know for sure, it is volatile. After weeks and weeks of crazy weekends and ridiculous numbers of offers on every single home, Memorial day brought us a listing that only got 2 offers. They were both very good offers, but only 2 felt like we hit a brick wall. The weekend prior we had a listing get over 30 offers. So what happened? Did everyone take the weekend off? Maybe. Is it a sign of slowing down? Doesn’t look like it afterwards. Did our seasons shift a bit (more about this in a minute)? Probably. Has diminishing affordability pushed folks out of the market? Yes, some. In other words, I think it is a little of all this.
Remember last Memorial Day when everyone traveled and the airports were super busy and all the beaches were packed? Oh wait, that didn’t happen. I saw the news where this Memorial Day was one of the most traveled in recent years. People were vaccinated and ready to go somewhere. I know lots of people, agents, clients alike that went away. And the ones that didn’t leave, did stuff with their families. It was slow.
Also that weekend moved us to June. Historically, we have a slow down that starts in July and extends through August. Last year we didn’t do that. We got busier and busier as the year went on. And this winter we didn’t slow down. It was mild weather (for the most part) and we saw lots of activity. Maybe there is a level of fatigue? Maybe it is setting in sooner than normal because of just HOW crazy the market has been and how it shaped out last year. Don’t know.
The last possible answer is that affordability has just dropped. Prices are way higher. New construction is harder than ever due to all kinds of things (lumber prices being only one of them). Interest rates have ticked up (though are still crazy low in historical comparison). We are seeing people make offers that waive appraisals and inspections. It is getting “normal” to do those kinds of things. Its in our initial consult with buyers. I think there are some people that are just saying, forget it. I’ll stay put for another year and wait it out.
Why am I saying all this? Am I trying to discourage you from getting in the market? No. I am trying to give you a realistic preview and have you think about all the things at work right now. We are seeing a little stall. We are seeing some, “hold on, what am I doing” moments. I don’t know what the end result will be or when that end result will manifest. Just keep this in mind, the best time to make a move is when you are ready to. We are available to help. We are active and navigating this crazy, turbulent mess. We have the connections, the experience and the foresight to help you make a wise and fiscally responsible decision. And we love doing it. Give us a shout.