It is hard to categorize this market as struggling or strong. There are so many important points at play, but I know when I am out with clients and they see a house they love, its business as usual and they are excited to move forward with a purchase. In real time those who are in the game are determined, despite the list of points below.
- Rates are high which lessens buying power.
- Sellers are still staying put if they don't want to trade out of a low payment on their home for a higher mortgage payment.
- Inventory is low since sellers are staying put.
- Rents are VERY high (especially in the burbs) since some buyers are on the sidelines to make a purchase.
- Pricing matters for sellers even with the low inventory- pricing reasonably is key- and we are seeing many more reductions than in the past if a buyer deems the asking price as unreasonable.
Here are last week's numbers. A little less robust in terms of new accepted offers since the focus has been on vacations and back to school. I am working on really special listings for the fall which we can share very soon. So stay tuned and stay cool!
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