Good Morning Friends, Fans and Vacationers!
With the unofficial end to the summer season, #LaborDay, upon us, what have we learned, what will we be learning and how to benefit from this knowledge all right here this morning at @MyTownCryer!
So, let’s jump right into it. That huge jump in new listings has subsided and a more normal Tuesday morning count is upon us. It is still bucking the trend of old with more new listings than under contract listings, but the anomaly of last week’s report is a distant memory today.
Still nagging us, however, is the change in winds for sellers in this market. Last week, 1,530 sellers had price reductions, 196 withdrew their listing from the market, and 243 sellers just let their listing expire. With close to 2,000 sellers letting the market take its toll, we saw 1,389 listings move to under contract status.
All is not good, but certainly all is not bad. With 1,279 closings, on an annual basis, this would be a record year for resale activity. So, not to worry yet. We are simply moving toward a more balanced market, and sellers will start becoming more thoughtful on their initial list prices. Let me be clear, it is not the right time to test the market with a list price above the range of recent activity.
So, this week’s MLS activity is a mostly good news story with a couple of “potholes” to be on the lookout.
New Listing (1428)
Back On Market (250)
Price Increase (106)
Price Decrease (1530)
Under Contract (1389)
I promised you a look at what’s happened over the last week, what might happen over the next week will be impacted by #LaborDay. School starting, those end of summer travel plans and social activities surrounding this seasonal event will be impactful. Next week, I predict all our numbers will be off of this week’s numbers.
Finally, I promised you some ideas on how these numbers could help you moving forward.
- If I was a buyer right now, I would take a second look at that listing I saw 4, 6, 8 weeks ago. This seller may be getting weak. Make an offer if you like it. Don’t be afraid to negotiate. Buyers willing to go into battle, work with their expert and be patient can really score big in a market like this. Sellers are getting “worn down” as we move toward the 4th quarter.
- If I was a seller right now, I would get in the car with my Realtor and visit every competing listing in my market area. Whether it be one listing for 10, I would visit every single listing. When I returned home, I would take a very objective look at my own listing, and I would adjust the price accordingly. Sometimes even a slight price change to a “improved” number helps with activity and feedback.
- Last but not least, if I was a buyer or sellers’ representative, I would be very clear with my client on what’s happening in the market place. I would let them that now is the time to be bold. Be aggressive, take a risk and step out of their comfort zone a little to reach for their intended results. Don’t be shy!
In closing, none of this happens without guidance. None of this happens without trust. And, none of this happens with an app on your phone. So, reach out to us. Make time to visit with us. We are never too busy for a phone call. The time has come to get your feet wet. After all, it is #LaborDay!
Dee and Tom Cryer TheCryerTeam@Kentwood.com or 303-773-3399. We have a great new office just waiting for your arrival. Safe Travels…tc