Are we seeing the market turn? If I were a betting man, I would say so. Here are a few anecdotal reasons why I think it has. Traffic has increased substantially on our listings in the last few weeks. I hosted an open house last Sunday that had 17 groups of people come through, only 2 were neighbors, the other 15 were actively looking to purchase sometime in the next few months. On the buying side, I had one client end up in a multiple offer situation last week on a house that had been on the market for 12 months. That’s right, 12 months and all of a sudden two offers come in. They hadn’t lowered their price substantially and the offers weren’t ridiculously low, but both sets of buyers felt like now was the time to move. I had another set of buyers look at 2 separate homes and while waiting a few days to think about it, other full price offers came in and we lost out on the deal. Now they know the next house they find that they like, they’ll jump on it.
My belief is that while the economic news is still somewhat bad, we have been hearing it for over 18 months now and it’s not “bad news” anymore, it’s just “normal news.” When life seems normal, people get back to their normal ways. That, combined with a new year, a new presidency, unbelievably low interest rates (in the 4s in some cases!) and maybe a warmer winter than we’ve seen in a while is why I believe the market is turning. Ever heard of the term buy low? You’re watching the low go away, so don’t sit on the fence and let it pass you by!