Where have the buyers gone? This is a refrain that I have heard over and over during the first couple weeks of October 2014 from both sellers and fellow Realtor®s in Northern Virgina.
Inventories are good; there are a variety of homes at every price point.
Inventories are good; there are a variety of homes at every price point.
Interest Rates are low; they are back under 4%--this, after we were told they would likely never get that low again.
Employment numbers are strong in the Washington Metro area.
So where have all the buyers gone? Last year at this time, the government was facing Sequestration. In the D.C. metro area, that impacted nearly everyone. When the real estate market slowed to a trickle, many of us blamed that uncertainty. We are not facing the same situation this year. Yes, there is the Ebola scare, but I don't see that as affecting real estate right now. So where have all the buyers gone?
The real estate market used to be predictably cyclical. Is an October drop-off our new reality following the real estate bubble?
This is not a post where I have an answer. I am sincerely wondering why business has dropped off. Are you seeing the same thing in your area? What do you think is the cause of this slow-down? What are you advising your sellers?
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