There are a lot of things challenging our market right now: traditional August slowdown, vacationing clients (and Realtors) as they soak up the last of the summer heat before school begins and, in our market, limited quality inventory to generate buyer interest.
But though the media won’t begin reporting on this for another six to eight weeks, we are starting to see signs of a turnaround in the market. Open houses are well-attended. Buyers are finally coming off the fence and making offers. Princeton Capital, our in-house lender, is reporting an increased number of pre-approvals and mortgage applications. We’re really starting to see a surge of activity in several of our markets. Some markets are seeing the surge based on REOs while others are simply seeing it thanks to the old law of supply and demand—limited inventory = increased buyer demand.
Many Agents, based on buyer feedback at open houses, are expecting that the Fall will provide us with a pretty healthy upswing. A lot of buyers—especially first time home buyers—are finally starting to come to the realization that this is one of the best buyer’s markets of our generation and they’d like to take advantage of it. Some are even hoping to do so before the year’s end and we may expect to see a healthier Fall than in recent years which will certainly be a welcome breath of fresh air for all of us. Obviously only time will tell, but based on what I am hearing in the marketplace, I am definitely hearing the buyer buzz and it is exciting.
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