This year has started off...and continues to be a strange one. It has left people with many mixed emotions and thoughts. But where in the world is it going to go? For some time (in relation to the rest of the state) the Midland area hasn't been feeling as much downward pressure in real estate sales. Of course with the long and brutal snow this past winter, sales were down compared to the previous not as harsh winter. So it was no surprise that sales were down 20-30% the first several months of the year.
The first several months of this year quickly moved into the second quarter of the year and NOW...it's mid-July! Not only where has summer gone but WHERE have all the Buyers gone? Year to date sales are down 24%. So what does this mean? Is this market stagnant? Are there no Buyers? Is this going to be a third quarter for the ages?
The answer is a tough one to determine. In the mean time, I recommend focusing on the positives. Interest rates are low, what a great time to lock in and capitalize on a great buy. As far down as sales may be, property showing activity is still strong. Believe it or not...you only need one showing to get your property sold. As buyers get more and more educated, so are sellers. Sellers are taking necessary and extra steps to ensure they have the strongest opportunity to get an offer. Sellers are staging their homes with the growing business of professional home stagers. Sellers are pricing their homes aggressively and believe it or not...the ones that do OFTEN receive multiple offers or sell the property with 2-3 months.
It's a crazy market but things are still happening. Sellers, Buyers and Agents are really thinking outside the box to ensure real estate continues to thrive. There's a home and opportunity for everyone in this market. It just takes some effort and a knowledgeable real estate agent!
Regards,
Steve Kozak
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