For many months now I have been writing about the market shift which is occurring. Interest rates are up, the stock market is volatile and down tremendously, and so the potential for a buyers market is upon us, with the buyers still fearful of the uncertainty of the market. Sellers have been a little out of step with what has been going on, so there has been a disconnect between buyers and sellers for a while now. I like to say that sellers always want to sell for 200,000 more than they should get, and buyers want to buy everything for 200,000 less than it should be going for. Mark my words – this is always the truth.
Statistically, year over year the third quarter sales in our area were down over 28%, yet average sales prices had remained around the same. So, this data is showing that when things do sell, consumers do see the value in the property. Just fewer consumers are partaking of the potential, which is sad. Now is an amazing opportunity for buyers to purchase something at the right price. It is also a market that winnows out real sellers from sellers who are testing the market. In reality, this means we are heading into a more normal market for literally everyone.
So, all of that said, I want to take a minute to be grateful and thankful to everyone who makes all of this real estate commerce possible:
1. The lenders and appraisers who have been working like stevedores without as much profit.
2. The contractors, painters, landscapers, and other vendors who have weathered the incredible ups and downs in the pricing of materials, the delays caused by the supply chain, and the problems caused by covid picking people off right and left for literally years now. They work so hard to make our listings beautiful.
3. The marketing departments and the art departments of different publications, who always work so hard to come up with new and vibrant ways to show off our listings.
4. The people who work for the multiple listing services where we place our listings, who make sure the information is correct, and who protect the integrity of our listings. The various realtor boards who work so hard on our behalf.
5. I want to thank the stagers who continue to seek out new inventory so their designs can stay fresh, even in this supply chain-challenged time.
6. I want to thank all of the photographers, drone photographers, matterport photographers, and videographers who have struggled with rising prices just like everyone, and still manage to do an amazing job year in and year out-
7. I want to thank all the realtors out there who have struggled to get their clients into escrows, and who have weathered some of the worst attitudes from clients I have witnessed in my 25 years in the business. It is hard going out there and being "up" and positive every day when so many people have been critical, depressed, and just plain rude to the people working ardently on their behalf.
8. I want to thank the brokers and managers of real estate companies who have weathered more conflict, financial problems, greed, cancellations of contracts, and property condition issues than they have had to deal with in a long time. Theirs is a really thankless job, and they are worth gold to their agents!
We have all gone through all of this together, and it is worth mentioning that staying grateful and positive is always a more successful approach to everything.
Lastly, I want to thank you, the readers and residents of our community who care about your homes, and your cities and vote for things that will make property ownership better.
Statistically, year over year the third quarter sales in our area were down over 28%, yet average sales prices had remained around the same. So, this data is showing that when things do sell, consumers do see the value in the property. Just fewer consumers are partaking of the potential, which is sad. Now is an amazing opportunity for buyers to purchase something at the right price. It is also a market that winnows out real sellers from sellers who are testing the market. In reality, this means we are heading into a more normal market for literally everyone.
So, all of that said, I want to take a minute to be grateful and thankful to everyone who makes all of this real estate commerce possible:
1. The lenders and appraisers who have been working like stevedores without as much profit.
2. The contractors, painters, landscapers, and other vendors who have weathered the incredible ups and downs in the pricing of materials, the delays caused by the supply chain, and the problems caused by covid picking people off right and left for literally years now. They work so hard to make our listings beautiful.
3. The marketing departments and the art departments of different publications, who always work so hard to come up with new and vibrant ways to show off our listings.
4. The people who work for the multiple listing services where we place our listings, who make sure the information is correct, and who protect the integrity of our listings. The various realtor boards who work so hard on our behalf.
5. I want to thank the stagers who continue to seek out new inventory so their designs can stay fresh, even in this supply chain-challenged time.
6. I want to thank all of the photographers, drone photographers, matterport photographers, and videographers who have struggled with rising prices just like everyone, and still manage to do an amazing job year in and year out-
7. I want to thank all the realtors out there who have struggled to get their clients into escrows, and who have weathered some of the worst attitudes from clients I have witnessed in my 25 years in the business. It is hard going out there and being "up" and positive every day when so many people have been critical, depressed, and just plain rude to the people working ardently on their behalf.
8. I want to thank the brokers and managers of real estate companies who have weathered more conflict, financial problems, greed, cancellations of contracts, and property condition issues than they have had to deal with in a long time. Theirs is a really thankless job, and they are worth gold to their agents!
We have all gone through all of this together, and it is worth mentioning that staying grateful and positive is always a more successful approach to everything.
Lastly, I want to thank you, the readers and residents of our community who care about your homes, and your cities and vote for things that will make property ownership better.
Happy Thanksgiving everyone!
