Friday, January 5, 2018

Market Update: Market Conditions and Spring Forecast




A market returning to some sense of normalcy is welcome news to many of us realtors who were bearing the storm of the tumultuous 2016 spring market.  

Turned ugly by multiple bidding wars, it became exceedingly difficult to counsel buyers on what to do.  So, we simply advised our buyers to stop bidding.  Batten down the hatches, ride the storm out and surface when things returned to some sense of reason. That time appears to be now.  

We all heard and read about the big ‘shift’.  Easter Weekend was the turn of the tide.  Akin to a light switch, the market shifted.  Those sellers who got caught in the cross-fire fought for the bidding war and in some cases, still achieved the goal.  Others, sadly, languished on the market and suffered price reduction after price reduction. 

Many a seller listed in the summer, reasoning the market conditions really did not apply to their own home.  Sad, but, true, it changed that fast!  And, we also saw quite a few homes re-listed as the buyers could not or refused to close on the date set out for completion.  

Let us look to January to a more normalized spring market this year.  One, where realtors can negotiate for their clients.   

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