As we are approaching the last quarter of 2018 there have been signs of a slow down in the market. Low unemployment levels and a solid economy have led the Feds to increase the interest rates already once and increasing them in December again. Each hike in interest rate affects buyers’ buying power and reduces the amount of loan they get pre-approved for to a point where they become priced out of the market. Rental market is as strong as ever so where do these people go??
From my perspective the peak of the real estate market was May 2018. What I am experiencing now is a steady slow down and/or a plateauing of sales prices with a few exceptions. Half of the listings currently on the market have been listed for more than 15 days which indicates that no *satisfactory* offers were received on the property. We are at a point where buyers are tired of overbidding 20% above the asking price and sellers are comparing the offers on their homes with the May market which creates a no-deal zone.
Every week more houses are coming on the market. Some of my buyers have benefited from that. Just got in contract on an amazing McGregor home in Albany where we were the only offer! On the other hand, I had buyers bid on a home that had not received any offers and sellers were stuck on their ideal price so we did not reach an agreement. The comparable price they were looking at was my listing 1 block away that sold for $1,045,000 back in May!
If you are interested in finding out how much your house is worth in the current market please contact me. If you need any recommendations for contractors, handy people, cleaning crews, landscaping etc… please call me first. I work with a lot of good people and mentioning the referral source can generally give you better results so use me as your power tool!!
I am looking forward to hearing back from you. Please leave me any comments and any questions.