October 24, 2018

Who’s on the Sidelines?

I have been waiting years to see this shift in the market.  As an agent focused heavily on buy-side representation, I have participated in countless transactions marred with immediacy, heightened emotions, and even desperation.  I’ve talked many clients off the ledge as they fought for properties, rearranged schedules to accommodate two hour showing windows right smack in the middle of a Saturday, or calmed their nerves as we anxiously awaited feedback on an offer submitted.  It’s no doubt that the last few years have been heavily-weighted in the Seller’s favor.

I think many buyer agents like myself are taking a collective sigh of relief across this city.  It’s almost daily that we see price reductions on very good properties.  Now the desperate calls come from listing agents seeking any kind of feedback on their listings.  Are your buyers real?  Will they make an offer?  What price do you think will sell this property?

So, here we are.  The scales are shifting in the buyer’s favor.  FINALLY.  If you read any of the news publications, you’ll see that interest rates are at an 8 year high.  High?  They are still sub-5%!  Let’s gain perspective here.

Sure, rates have gone up, but the lending environment is still favorable.  Consumer sentiment is high.  I’m even reading that retailers are expecting the best holiday season in years.  Employment rates are high and the economy is healthy.

Buyers, why aren’t you diving into the market?  I always say the end of the year is the best time to get a deal on real estate.  But this year, in this city, in this environment of shifting, you hold the cards.

Let’s play them.

 

If you are considering a home purchase, please reach out to our team for guidance.  At VERY, we love to share knowledge at every opportunity.