Good Morning Everyone!
As you know, we publish this weekly update to keep our followers across all media informed. It becomes more difficult to anticipate what the trend will be for the rest of the year about now. Here’s what we know. We still have below normal supply, and we almost identical levels of new product coming on the market as last year. We have higher rates than last year, and we have higher energy costs than last year.
Here’s my prediction, seller’s will become frustrated more often by not going under contract right away like last year. This will lead to more price reductions than in the past. Buyers will become more demanding on sellers for condition, appeal and quality items. No longer will they “Take it ‘as is'”. Sellers will be forced to make repairs and/or credit buyers for these items. Rates are going to swing within a narrow range. Seldom if ever do we see big rate moves during an election year.
Speaking of elections, don’t expect September and October to “add big” to the numbers as we move into the fall season. This election will be stirred up in the media. Many will become captivated.
So, that’s why we may be in a fog, just like this morning, for the rest of the year. What do you think is going to happen, and how should we adjust to the market?
The “Dog Daze of Summer” are upon us. Note our comments below.
Denver MLS Report/Last 7 Days
More than once in our careers, we have been faced with a change, a nuance, an outside influencer and more. The market is always changing, and one neighborhood can perform better or worse than another depending on; you guessed it, Supply and Demand.
Let us help you through this, “Every Step of the Way”.
Great article Tom! I enjoy your perspective and agree with many of your market predictions for the 2nd half of 2018. ~Kyle Malnati, Calibrate Real Estate
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