September Market Update:
We have all been anxiously awaiting the cooling temperatures of Fall, and for the first time in well over 100 days we are finally seeing meteorologists forecast high temperatures under 100 degrees! Relief is around the corner, at least for our weather, but what about the real estate market? We have definitely finally started to see some relief in interest rates as they slowly tick closer to the low 6% to high 5% range. Last year at this time we were seeing rates in the low to mid 7’s! What we haven’t seen is the surge of buyers flooding back into the market as hoped. Listings in all price ranges are seeing increased days on market, fewer showing requests and more price reductions.
Why is this? I wish I knew, but some guesses could be 1) buyers are staying on the fence until rates go down further, 2) the uncertainty in the economy with the pending historic election, and 3) the heat. If you’re a buyer, it’s a great time to get off the fence and start negotiating with sellers who are eager to get under contract. If you’re a seller, prepare your home and your expectations for a more competitive market this Fall. Thinking of buying or selling? Let’s meet for coffee and talk about the best strategy for you!
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