The bottom of the market is almost always hot, but the top is usually the softest of all. But these are strange times my friends, very strange indeed. The bottom is still ferocious with anything clean and tidy in the local market under 300k getting the spirited mob treatment of multiple offers and such. The middle has softened up a lot. In fact even the median price range in the 350-400k range suddenly has a fattening inventory. Sellers need to be prepared for picky buyers as the number of options has blossomed over the summer.
I figured it was a only matter of time before the sellers came back home to sell, but a strange thing is happening up top. The higher end homes in the 750k range are doing pretty well. Now lets be clear, we still have plenty of inventory in that price range relative to the pool of buyers, but clean quality properties in the 750 plus range are being challenged sometimes by multiple buyers.
Real estate has always been a game of location and quality. Curb appeal never goes out of fashion. Sellers that take the time to dress the home for success are reaping rewards while sellers that just park a sign out front are wondering where all the buyers are. At the height of a buyer spurt sellers can briefly get away with a sorry agent and lackluster effort, but friends I'm here to tell you that ship sailed, look closely you still see the top of the mast dipping over yonder the horizon.
Now it's time to get back to good practices and that means hiring solid realtors and taking the time to do the prep to get the house ready for market. Or you can get ready to slash your price, it's your call really.
I've written about the economy over and over, I'll mention it again here; this economy is too robust for a housing crash, so fear not. We are simply seeing an increase in sellers looking to capitalize on opportunities, some of which may have passed already. Overpriced listings are rarely successful but we did just have a 12-18 month period where they sort of worked, sometimes. That's done now, sellers need to just stop with the puffed up prices. Buyers are not biting, there is simply too many other choices for them.
This is a very healthy situation as the market is moving towards neutral conditions and that is sustainable.