|Market Conditions and Summer Forecast|
It’s a different market this year. The January start-up seemed on track and then we watched carefully as some of the early deals fell apart due to the bank’s additional safety measures to tighten the lending rules.
Sellers and buyers seem to be doing quite the dance this year. The inventory coming on is still showing signs of overpricing, while the buyers are just not ‘buying’ the ‘hold offer’ strategy. Cautious is the tone out there, and, to be honest, coming off of last year’s pressure cooker of a market, I, for one, cannot blame a buyer for the pause for thought methodology in purchase.
Buyers are getting an opportunity now to go back to look a few times over, often weeks on the market homes which sold last year in a seemingly nano second. It’s a back to basics market for the most part. Now, homes have to be ready to hit the market and the buyers who are looking are being a lot more critical. We’re even seeing some homes with conditional on sale offers. That hasn’t been seen in a long while.
As in any market, our advice is yes, to be strategic, but, really educate yourself. We are still being asked if it is smart to rent. It depends, is the short answer. What stage are you in your life? What are your goals? Happy to help.