Is the Market Slowing Down?
Interest rates have slightly increased. People are speculating that it may be causing the market to slow down, but I disagree. The market is still strong but only approximately 69% of properties that are listed are actually sold. That means nearly 30% of listings expire. My opinion is that the market feels slow because some Sellers are overpricing their properties since it's supposedly a ''Seller's Market." There are always good deals out there though, so its important to have an investigative realtor working with you to 'fish out' the fair priced listing from the 'let's test it on the market' listings.
Underpricing on the otherhand is still proving to be a competitive marketing strategy. Someday I'll write a blog on the exciting process of Multiple Offer Situation.
The more properties I list, the more I realize that sharp pricing is really the key. When the Seller agrees to list right at fair market value, I've been able to find them at least one full price offer with agreeable terms.
ps. If you know any developers, check out my new listing on Atkins Avenue.
Bye for now,
Marites