4th Quarter Real Estate Market Update
Current conventional wisdom is that our real estate market has transitioned from a sellers market to a buyers market. Lawrence Yun, NAR chief economist, writes that home prices have been rising too much relative to income for many buyers to keep pace. Rates are up and consumer confidence is down. But the reason rates are going up is because the economy is “roaring” (quoting Yun), and that as long as the economy stays strong home sales could head up even as rates continue to rise. So, as always, there are different ways to read the data, which is why I always supplement the data (from the Fed, from the NAR, from my brokerage) with my experience helping people buy and sell 24/7.
My read on today’s local market is that homes that would normally sell in a heartbeat are taking 1-2 weeks to sell. Buyers are taking a little bit of time to ponder their decision instead of just jumping at the next new good listing to hit the market. That assessment was certainly borne out with a recent new listing I had (3671 N. Harrison St., just recently advertised here). That property would have sold over a weekend in the Spring, but instead took 10 days to get 2 very strong offers. Not too shabby.
Hope you are well and enjoying the crisp Autumn weather … and Happy Veterans Day!