It’s the end of the July and in a few short weeks, the summer real estate season will begin to slow down. Right around the second week of August, things begin to slow down as parent and children try to sneak in one more vacation before school starts. Then once school kicks in and people get back into their normal routines, real estate will pick up again. If you’re a seller, don’t be surprised if you see a dip in your showings between the second week of August and the second week of September.
The question for buyers is: did you take advantage of the historically low prices and low-interest rates this summer? Here are a few things I saw this season:
1) Unbelievably low prices. I am going to go out on a limb and I’ll eat my words if I wrong, but I think it’s safe to say that values have never been this low and we may never see this again. 50% off some homes is not part of a regular 10-year real estate cycle. This happens once in a lifetime.
2) Sellers in the 200-400 price range turned the tables on buyers. Sellers understood that the bottom of the market had come and gone, they stayed firm on their prices, and in most cases got full asking price.
3) Lower than normal inventory. The words “I can’t find a home for my buyers” was spoken by more Realtors this past summer than in the last three years.
4) Mistakes, Mistakes, Mistakes. More than one buyer decided to do nothing rather than make a decision this past summer thinking that the home would still be on the market whenever they were ready. Those buyers were disappointed to find out that their number one choice had sold. That trend of “I don’t have to make a decision today, tomorrow or in a month” is quickly coming to an end for buyers.
The good news is I think we are poised for good fall. It was fall of last year when we first began to notice the turnaround in the economy. Right around September, showings started to pick up and we had one of our best fall’s selling seasons in some time. I expect the same to be true for this year. The fall selling season goes from mid-September through mid-November.