At Eleven Real Estate, we are interested how the recent market events and changes have been affecting your real estate outlook.
Market changes in a nutshell:
Mortgage rates increased from the ranges of 2.75% to 5.5%.
Buyer activity is lower and unit sales are down from previous months.
Fewer and less aggressive offers are written; the frenzied real estate appears to be behind us.
There are still a few properties (recently remodeled, in the flats, walk to town) which can sell fast and high. But for most other properties, buyers have more time to check out, read disclosures and to process all the pertinent information before writing an offer. Price appreciation is slowing.
Tables are turning and some of the leverage is moving from sellers to buyers…this creates more opportunities for buyers!
Buyers are negotiating purchase prices and contingency removals.
We should have a revival of the markets with the end of the Summer vacation and expect a steady September and October. Activity usually slows down around Thanksgiving, the days are shorter, hopefully lots of rain and buyers are distracted with holidays. This is an excellent time for motivated buyers to remain active. Please let us know how we can support you the best way possible in your search.