As a ‘bellwether’ of real estate, I’m always being asked “How is the market?”
Everyone is naturally interested in how the local real estate market is doing and I’m pleased to be asked to share my insights. But first, what is a ‘bellwether’? … it’s the leading sheep of a flock, bedecked with a bell so the shepherd knows what is happening and where the flock is headed. For our purposes, a bellwether is an indicator or predictor of market trends. The condition of the real estate market has always been a reliable, valid barometer of the economy in general.
April 6, 2024
It’s a wonderful time to be a seller, that is, if you have a place to go. It’s a tough time to be a buyer in many of the price ranges due to a very low supply of properties for sale. Many thought the interest rate increase to the 7% range would slow down the market and make buying more accessible.
But, with far more buyers in the market vying for homes, over-asking-price-offers have driven up prices. More than a few buyers have even relinquished the building inspection contingency altogether or stipulated the home inspection was for informational purposes only. For some potential buyers, the interest rate climb has pushed them out of the market. Interestly, there are CASH buyers in unpredented numbers.
More homes would be on the market if want-to-be sellers had more suitable home choices but there is not much available for those looking to down-size. Also, many sellers have LOW mortgage rates they are reluctant to give up. There has been talk about sellers being able to take their low mortgage interest rate to another property … an interesting concept, but at this point it is only talk.
However, properties for sale that have ‘defects’, wet basements, steep driveways, deferred maintenance and the like, are sitting on the market with no takers, especially if the asking price doesn’t reflect these conditions.
“Good” property offerings, the kind of home the majority of buyers like and those which are in generally good condition, are flying off the shelf. The real estate market is always changing, albeit slowly. The rental market is following a similar course with rental prices soaring due to lack of inventory.
I’m here to help! Simply text, call or email today!
Cathy Masi
Broker
Flagpole Realty, Inc.
Direct Line: 203.788.3213
