Warren Buffet is often credited with the quote, “When people are greedy, be fearful, but when people are fearful, be greedy”, and I suppose this advice would serve us well right now. There is a lot of fear on the street right now. Investors fear the market, Buyers fear the rates, Voters fear the “other party”, Russia fears Ukraine, North Korea fears South, some people fear everything and others fear nothing. Where do you stand. Do you believe #HomeOwnership is something to be feared? If you have studied the market and believe in homeownership, there should be no fear.
Des’ree performed a very popular “one hit wonder” called “You Gotta Be”. One of the verses goes like this.
Time asks no questions, it goes on without you Leaving you behind if you can't stand the pace The world keeps on spinning Can't stop it if you tried to The best part is danger staring you in the face, oh
I guess my point today is over simplified with so much turmoil surrounding us all. When one has a home to return to after a day of the “hustle and bustle”, it is a feeling of secure comfort. So go ahead, enjoy a Terrific Tuesday…
The “brittle edges” I wrote about last week are becoming more apparent. New Listings are greater than Pending UC Listings and Closed Listings. This is pushing the market toward a balance, but as the fed pushes rates, they may impact supply and demand ratios. We will be watching this very closely. Additionally, Price Adjustments are becoming a common thing as the market is failing to adjust on the front end of the listing and causing extending marketing times too.
Here’s what the numbers look like over the last 7 days…
New Listing (1220)
Coming Soon (132)
Back On Market (360)
Price Increase (163)
Price Decrease (1967)
As you can see below, the total number of Active Listings has flatlined. We are keeping a very close eye on this. If total supply starts to outstrip demand, this will become a market with cause for fear?
The last 3 months have ended with 7,300 Listing in July, 6,914 Listings in August and not 6,979 at the end of September. We will keep a close eye on how October closes out.
We are going through a dramatic period of uncertainty right now. Dee and I will be here for you. Answering questions, providing expertise, helping you make plans, finding resources, and making sure your home is everything you dreamed it would be…tc