Have you ever been trapped on a plane next to an undesirable passenger? Bare Feet, Bad Breath, Drunk, Oversized, you name it; it makes for an uncomfortable trip. I was once witness to a passenger pass out on the floor in front of me by just a few rows. He was so big, it was impossible to move him. He road out the flight on the floor and we stepped over him on the way to the jetway. I was told by the passenger sitting next to him, “He’s on the way to meet his girl friend in Denver”...
So, what is this all about Tom? It’s about the unpredictability of the world, country, state, county, city and community in which we live. Can you imagine? In the real world, one’s HOA can raise the month fee, one’s city can raise sales tax, one’s county can stop offering services like trash pick up, one’s state could stop the exploration for natural gas, the US could make leaving one’s home against the law, and a world leader could invade your country and systematically remove family, friends and neighbors from this planet.
Let’s see how all this has affected us over the last 7 days…
|New Listing (823) Here’s the GOOD! If you are a buyer, we can now say we are into the seasonal growth of new listings on a weekly basis. The number of new listings coming to market has grown for the last 3 weeks. Ready Set Buyers…|
|Coming Soon (252) Same as last week here.|
|Back On Market (108) This is solid. Less than 10% of contracts failed.|
|Price Increase (282)|
|Price Decrease (151)|
|Pending (1422) Buyer activity is real and rates aren’t slowing them down!!!|
|Closed (1238) Once again, buyers and sellers are finding their way to the closing table…|
With this excitement behind us over the last 7 days, what has happened with the total number of active listings?
OK Everybody, we are here to show you that even with all the new Pending Listings over the last 7 days, we have seen a solid 10% growth in the Total Active Listings. Let’s digest this.
WE may have seen the best week to be a seller. Rates, War, Inventory Increasing may be conspiring to shift this market toward a more NORMAL mix of supply and demand; MAYBE? Whenever any kind of market tries to return to “normalcy” it takes time, and the numbers will be volatile.
Moving forward, of course, we will be following this very closely and bringing updates to you weekly but for today; The GOOD is growing supply (Not normal but better for buyers), The BAD has to be interest rates. Every 1% increase in 30 year fixed interest rate takes 10% of the potential buyers out of the market. Whenever buyers are removed from the market due to economics, it’s a bad thing! The UGLY has to be the uncertainty surrounding world events. Watching WAR from one’s TV is heart wrenching and truly disturbing!
In the final analysis this week, if you are a potential seller, let’s started sooner rather than later. If you are a buyer in this market, let’s sit down and go through the steps necessary to compete in this market. There is a formula for success. We can help you with that…tc