So some agents are feeling a tinge of a slowdown and not just the typical seasonal bit. I am not certain if things are actually slowing down or not, prices seem to be holding but activity in general is definitely not as robust as it was this time last year.
Part of the issue certainly could be the fact the prices have gotten out of reach for a large percentage of people. Could that with the fact that the workforce has shrunk during COVID-19 and that certainly leads to fewer buyers. The silver lining is that there is also fewer listings. Adding to that the inventory of new homes is tight because of all the labor and supply shortages.
It would not be a crazy notion to suggest that we are in a bit of an artificial seller's market. If the supply chain issues are resolved and new construction gets back to turning out houses on a 4-5 month build, the lack of qualified buyers might start to make a difference and slow things down.
I have always preferred a neutral sale market in real estate. It tends to keep everyone more honest and faithful in the transactions.
As far as the market trends, things seem to be moving back towards neutrality. The exception would certainly be in that entry level price range under $450,000 where listings are still likely to result in multiple offer scenarios.
Post a Comment