Summertime is usually a slow time in the real estate world in our area, particularly in August. You can see that in the data, where the market activity is significantly lower than the last few months, and even than last year (and last year was not even a good year…. Yet prices remain relatively resilient. This is even more interesting given that we’ve seen a significant decrease in the number of new listings, yet the number of homes for sale has increased quite a bit!
This brings up an interesting new phenomenon. While the stats clearly indicate that the market is in a “Sellers’ Market” territory, buyers are behaving as if it’s a “Buyers’ Market”. This is not true across the board, though. So, when a good home, that is well priced, and well marketed hits the market, it will get strong interest. But, if the home’s design doesn’t meet today’s buyers’ demands, then they will completely ignore it, even if it’s a good price and location. This is particularly true for many of the new ‘skinny’ homes that, many times, have some serious functionality design problems.
If you have questions about how to navigate this confusing market, call Doron Weisbarth for a free, no-obligation consultation, at 206-779-9808.