This market is very interesting. Days on market continues to climb. Inventory levels keep going up. Townhomes feel the pressure more than single family. Prices are actually starting to go down just a hair (on townhomes). But again, it is eating into the growth that we had this year. This year will still see a net positive. It will hit around the 12% or so mark (the number I was predicting at the beginning of the year). That number still far outpaces “normal”. It just feels slow considering 31% last year.
What does all this mean to you as a seller? It means frustration if you look at a sale through last year’s lens. It means that everything we experienced over the past 3-4 years is very, very different now. It means that we have to consider the needs of the buyer again (as a seller). It means that we have to market again. It means we have to be strategic with pricing. It also means compromise. As a buyer, it means really evaluating your budget. It means considering what happens if the rates go up again while in the process. It means you have time to consider but not a ton of time (rates). It means you can ask for some concessions but maybe not too many. It means that you are hoping the listing agent adequately prepared the seller for this market and isn’t stuck in last year’s market.
We are definitely in a time of change. It is a time when hard choices have to be made. It is a time when sound advice is important–realistic expectations are important and anyone that tells you “Exactly what will happen” is likely crazy. It is a time of flux and change. As with any other market, there are opportunities and there are pitfalls. Is it a good time to buy or sell? My answer is to re-ask the question to you. Is it a good time for YOU? If you want to discuss that, let me know.