I am glad to be back after a wonderful few days away with my family. I feel refreshed and ready to go. We were busy, busy this week negotiating offers for buyer and sellers, preparing houses for market and attending showings at our existing listings. Less homes have come on the market in the last week as you see in this week's number and a bit less sold than we had been seeing, but I see that as a symptom of summer more than anything. With the hot weather, people on vacations, sending loved ones back to college and others closely monitoring whether their schools are opening come September, I think people are starting to focus on other things besides real estate for the moment. My guess is, it's just a moment. Inventory is still very low and that's what will drive the market for the time being and into the near future. Builders bringing on new properties and sellers deciding to finally put their houses up for sale is really the only thing that will change this from a seller's market to a buyer's market. If mortgage rates were to rise significantly that could also impact the power to buy. We are encouraging all sellers to ride the wave and come on now while buyers are fleeing to the suburbs.
Enjoy the last few weeks of summer. Thank goodness 2020 gave us good weather at the least. Hopefully, that lasts into fall and beyond.
Until next week,
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com