At the beginning of July I convinced 75% of my sellers to remove their homes from the market. Due to the pandemic, I predicted we would have “pent up vacation demand” meaning people would leave town more than ever to enjoy traveling and spending time with friends and family. One of my clients was gone for six weeks during a 60 day period.
My theory was spot on. We saw a significant drop is sales volume in July and vacationing was one of the reasons. A softening market was the other.
For many of us this week, the first week in August, is back to normal, back to school, back to the gym and back to work. Yesterday I held an open house in Orinda with good traffic of REAL buyers and few tire kickers. My message to some of them was NOW IS THE TIME TO BUY.
Even though we are in August, the fall market is upon us. This week is the kick-off to the second selling season of the year with good opportunities to be had. Prices will soften and interest rates will drop. This is likely to remain throughout our fall market.
Buyers…don’t miss out!
My prediction is the spring market of 2023 we will see prices bounce back in most markets. If a buyer is on the fence on whether to wait until next year, they may pay more for the same house in 2023.
Some agents insist on not timing the market and that “anytime is the best time to buy”….simply because they want sales/income. That’s not my approach. I’m here to advise my clients to make the right financial decision when purchasing.
Yesterday I showed a fixer on a busy corner. At the end of our tour I said to my buyer “this could be a great investment property, but when you decide to sell, your audience will be limited to mostly investors or buyers coming out of a 1031. Families will likely steer away from a location like this.”
Even though the price was rock bottom I advised my client to pass. That is a truly fiduciary approach to protecting my client’s financial future and not slamming them into a property. I always put my clients first.
Reach out any time with questions on making the right move.
Have a great week!