What just happened to the market?

The real estate market has shifted once again! We are now considered a “Balanced Market”. 

According to the MLS stats, we have seen a decline in home sales starting in August. Why? Since the homes values increased,  it has weeded out investors looking to “flip” homes or get homes at a huge discount. The number of short sales or lender owned properties have been declining month by month over the last year. The market is now full of traditional sellers.

The Government shut down did slow down the economy as a whole and truly removed the confidence of consumers. Buyers no longer feel the rush to buy and with the larger number of homes for sale to choose from, they have the ability to take their time.

The graph shows the number of single family homes that closed in August and September some of the lowest numbers in two years.

Will it get better? Let me look at my crystal ball…. Unfortunately I do not have the answers to that- no ones does. What I do know is that THIS is our market, whether we like it or not!

So what does this mean? Sellers have to price their home competitively and the home needs to shine like no other! Buyers- you have more homes to take into consideration and sellers are more willing to help pay for some of your closing costs or a reduction of price.

Please call me with any questions! I’d love to help in any way!