Seasonal Adjustments! Less premium Condo Listings Availiable! Is this a trend that is normal?
This is a slow time of year for condo sales in general. There are a lack of buyers, but at the same time there are less premium listings coming on the market in the various categories. Just a couple of ideas as to why this may be?
1. Sellers know its a slow market. If sellers do not have to sell they are waiting for the market to improve. These are the people who do not have to sell but would like to sell. Its takes them a while to get caught up with the market once it turns.
2. The Holidays are approaching. Sellers would rather wait until its more convenient for them to sell. They may have some things to do before putting the condo on the market.
3. Many have given up! The rental market has picked up dramatically and some have decided to rent until the market improves. I suggested this to one of my sellers as I was approached by a person to rent for $2500 per month. I took it off the market. $30,000 for a years rental was too good to pass up.
4. People are not moving as much! Companies think twice about moving a person in slow times as it can be very expensive for them to make a move. Many companies are just not transferring people. They are holding off till better times in all areas of the country.
5. The market has always been somewhat seasonal ! Now it is much more noticable when you go to make appointments. There are not that many premium units to show. There are always the places that few want. There are more that are harder to finance in today's market.
On the other hand people do look over the holiday times as that when they have the most time. The condos that everyone wants are still selling and many buyers do not get to see them because they do sell.
If your agent does work a particular area often he or she will know people that are willing to sell but have decided not to list at this time. Some of these could be the best buys if you can find them.
Comments(1)