My father served in the Navy. He arrived in the Pacific shortly after #PearlHarbor. He served as a Radar Specialist on a Troop Transport. He rarely if ever talked about his time in the Pacific Theatre, but he did tell me once, just once, “War is bad, and Nobody Wins”.
The weekly activity continues to show no stopping demand, but supply has decided not to attend the party. Clearly staying home was the plan…
|New Listing (609) Too few…|
|Coming Soon (74)|
|Back On Market (154)|
|Price Increase (216)|
|Price Decrease (306)|
|Pending (1192) Strong seasonal demand…|
|Closed (1776) Quite shocking! This would be a great week during the summer season!!|
Below, we’ll take a look at our supply of active listing over the course of this year. It is readily apparent, but we are currently sitting on about a third of the inventory we had during mid-year. Take a look.
This market of limited supply has brought out the best and worst of all participants in this market. Buyers are fuming anger when they lose, and praising their heavenly father when they win. Sellers are ecstatic with this new price paradigm, but some want even more. This dichotomy has us constantly coaching our clients away from the rim of the cauldron. The market is hot, and our goal is to not let anyone get burned. Anyway you count them, 1,601 Active Listings is too few for a market this size.
When you head into this market, prepare, consult, plan and study. Anything less will only bring failure. We had a new listing this week. We had nearly 60 showings over the weekend, and we received 19 written offers. Upon review, we did everything correctly. We studied the market, reviewed the comparables and personally scouted the competitive inventory. The anomaly we couldn’t account for was how impactful the lack of inventory would be on this listing.
I guess the moral of this story is, “The Market is not always kind”. Nothing could be more true. For buyers, nothing could be more true. Take the time to head into this market with a “battle tested” team of professionals. Your broker, your lender, your inspectors, and your partner should all understand the goal and carry laser focus. It’s not that hard, but it does take experience and professionalism.
Let’s talk… 303-638-3202