Market Conditions & Winter Forecast
What goes up, must certainly come down. This market has been a hard one to navigate. Frenzied bidding wars where buyers dropped all conditions, went in strong and firm and now are going through the struggles to close their deals due to a myriad of reasons. Some, simply cannot sell their homes. Others, having acted on impulse, dropped their financing conditions only to find out that the banks will not finance the purchase.
The market ‘shift’ as it is now known, happened just before Easter weekend. Those who recognized it, pulled back and waited. Many of those were buyers simply worn out from being battered around at bidding wars in a never ending game of pushing pricing beyond any comprehension. Sellers still in the throws of preparing their homes waited and felt there was no need to heed warnings of realtors saying that the ‘shift’ had already occurred.
Those buyers turned sellers got caught in the ‘shift’. Having purchased in a bidding war, the expectation was to also sell high. Now, the fall out and it’s anything but pretty. Emotions and tempers run high. Our advice to buyers was to simply wait. Our advice to sellers was to stay the course, but, to relax the expectation of an exorbitant price.
Now, with increases in rates, buyer uncertainty, sellers demanding multiple offers, it really is a hard market to navigate….for everyone. Educate yourself. Establish realistic goals.
…and…if we can help, we’re more then happy to meet! Contact Us!