What is the Market Like These Days?

I get asked daily from active and previous clients, “What is the market like these days?”  In a nutshell, I am busy showing property and trying to keep up with buyers who want to renegotiate terms and accepted offers, even at the closing table.  Deals take days to put together and, many times, go south because no one could come to a consensus and sellers are just pulling out and not selling.  In my previous post, I demonstrate that for each house that has sold since July, another property failed to sell in our market area. Sellers are frustrated with market conditions and are not willing to accept change.  Home sellers who are buying up or down are more realistic since they are likely to be losing on the sale side but gaining on the buy side, the reverse of our previous bull market.  Those who are selling for financial reasons, job loss, etc., are having a very difficult time accepting the market and the numbers they are being offered.

My prediction:  If we see another rate cut that is, in any way, even close to the one we saw Monday, we will see added momentum and competition in the market.  This is a great time to start looking at what is out on the market because there are definitely some good opportunities.