2023 has been a strong Sellers’ market year to date. Sellers have been holding onto their record low interest rates and unwilling to sell. Despite higher interest rates (6% to 6.5%), the low supply has brought the return of multiple offers on properties. Cash offers are abundant once again. However, we seem to be possibly entering into our seasonally slower season. Last weekend, open houses were slow for the first time all year. We are heading into that fall season and it is not uncommon to see a drop-off in activity as we head into the holidays.
Federal Reserve
The Federal Reserve decided to hold rates steady, yet leaving a window open for another rate hike this year. They want to make sure that inflation rates are under control and we don’t see them loosening quickly but slowly in the next year or two.
Seller Advice
As a Seller, the market is currently in your favor if you are looking to sell. Depending on your urgency, we should try to avoid the holiday season and plan for the spring market instead. Reach out to us for a direct analysis on your families situation.
Buyer Advice
Many of our Buyers have been offering and winning properties. Competition is there but not as fierce as it was during the pandemic. Some of you have expressed the desire to take the wait and see approach or frustrated with the low inventory. We certainly cannot control the inventory, but we certainly can control our mindsets. The market is competitive, there is no question, however imagine what will happen if the interest start to trend downwards. Suddenly Buyers can afford a higher home price and an even more aggressive bidding war emerges. Todays overbid could be tomorrows bargain and this is seen in our market year in and year out. As a Buyer take advantage of the upcoming slower season and be ready to move if you see an opportunity. People that succeed do not do so by following the crowd, be aggressive while others are on break before the next wave hits!
Thank You All For Your Support!
Despite a tough year in our industry due to low inventory, each and everyone of you continue to partner with us for your real estate needs. You continue to entrust us with your friends and family. We continually thank you for trusting us and we will always continue to elevate our expertise and level of service. Have a happy September!
