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  • Writer's pictureNancy Bennett

MARKET UPDATE: We’re Going to Wait!



Phone calls this week with many families that asked me to check in this month:

Sellers – we’re going to wait until …

Home buyers – we’re going to wait until …


What is going on?

1. Buyers are in their cars and visiting open houses!

     a. Dozens of buyers are showing up to local homes that are UPDATED and priced well for the market.

     b. Multiple offers – are still happening – imagine getting over 20 offers on your home sale?

            i. It is happening for some houses

            ii. But not for all homes

     c. And then there are plenty of buyers saying “We’re going to wait.”

            i. For interest rates to come down

            ii. For inventory to increase

            iii. Until the summer, next year, when our jobs feel more stable, until we find the “right house”, etc., etc.


2. Sellers – 

     a. I’m about to get a tattoo that says “We’re going to wait.”

     b. For the most part, sellers are not motivated to sell their homes.

     c. Why would I want to sell for $xx and then buy a bigger/smaller home for a higher monthly payment?


There are plenty of homes for sale that are sitting on the market. Most of those homes have one thing in common: They’re not priced right for the condition.  


More and more I am seeing that homebuyers are willing to make an offer (even with interest rates higher than previous times) for homes that are updated, repaired, presented well and even pre-inspected. Essentially, homes that are truly ready to go.


What is everyone waiting for?

In my career, I’ve experienced all kinds of markets, and I would posit that in these many years, it feels more like psychological thing for everyone, than a hard and fast set of conventions.  


What this means for me is that when clients feel comfortable with the economy, politics, and _____ they start to spend money. When things don’t feel stable, they begin to hesitate and then stay put or hold.  


Some buyers are testing the waters and making moves – but given the lack of sellers/inventory … it may not be enough to move the needle and get this market warmer or more active just yet.


Here’s an article that provides more detail into what we’re experiencing here locally, too.


Let me know what you’ve experienced if you’ve been out looking at open houses this month. 

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