It’s been a crazy week to say the least. WE have never seen a “Midterm Election” where so much money has been or will be spent. Everyone has an idea or not, but the belief is simple, “Mine is better”… Really? Will you own up to it when it’s not, Calamity? Jane?
Anyway, I digress. Today, let’s look at the last 7 days, and then we will review the big picture.
New Listing (1509) This is a very high volume week from what we’ve been seeing.
Coming Soon (159)
Back On Market (285)
Price Increase (134)
Price Decrease (1817) This is the highest I’ve seen this number this year.
Pending (1260) A solid week, but clearly less than the new inventory it’s chasing.
Closed (1208) Another solid week of closings even with a three day weekend on one end.
How about the bigger picture?
One of the nice things about being a Residential Market Observer is its simplicity. It moves slowly, its influencing variables are readily visible and we have so many sources of information to disaffirm or affirm our anecdotal presence. Make sense? Long story short, the sky is not falling. Here’s what’s happening now. Due primarily to interest rates and their rapid increase, buyers are taking a breather, sellers have not understood the importance of appropriate pricing, presentation and location on value, and pundits generally are not “boots on the ground” in the marketplace, and as a result, the nuances we see on the street are often overlooked.
Please, never let an exterior opinion on market conditions cloud your judgement as to what you are experiencing on “Main Street”. Remember, “Figures don’t lie, but liars figure”. That’s a little pragmatic, but when someone in New York is making predictions about your market in Centennial, it may not be completely accurate. Residential Real Estate is LOCAL. You need LOCAL assistance. Walk the Block to understand your market. Lean in on LOCAL professionals.
And remember, we are here for you every step of the way.
Dee and Tom Cryer TheCryerTeam@Kentwood.com