Welcome to my 1st real estate blog. I just wanted to take a minute to describe what I see happening in the west valley's real estate market. In late July and early August, many of my clients experienced an upswing in potential buyer visits, and out of the 10 homes I had on the market, 6 are now sold or are in escrow. What I see happening is that, over the last several months, as we all tapped our feet, waiting for the buyers to come in droves, the buyers were waiting on the sidelines. They were hearing from everyone that the market was in a slump, and was possibly crashing, and they decided to wait and see what happened. I think that's exactly what they did. They bided their time, waiting to see how low the market would go. But, they needed homes in a timeframe that would not inconvenience them too much with their kids going back to school in the fall. I think they waited until the last possible moment, when they would be inconvenienced, but not too much, to buy their new homes.
We can probably expect to see more of a slump as these stragglers get into their homes and get settled for the school year. Come winter, we will likely see more price reductions as the existing inventory is cleared out. Many who were on the market have already decided that a move at this time is not fortuitous and will bide their time until next year. Will things get better next year? I am predicting that the market will be a better place to sell homes, but probably for less money than is available in the market now.
Hang in there folks! Things are okay!