Demand is going down as buyers leave the market
Quick article here from CNBC
Basically, mortgage rates are falling, but that is not keeping buyers in the market.
It is an odd market right now.
Current Market Observations
Six months ago, I used to go to an open house on a Saturday, and it was mobbed. Today, I am the only person there.
Sellers used to get multiple offers over asking. Now they may only get one or two, and they might not even be at asking price.
Pricing Strategies
There is also a different phenomenon going on as well:
Agents and sellers are still pricing houses below what they want for them, hoping that demand will drive up the prices.
However, there is not enough demand for the houses, so the offers are coming in at or below the asking price.
Conversations as a Buyer's Agent
This creates a unique conversation for me as a buyer's agent:
"Why didn't you accept or counter to our full-priced offer?" The response is unique: "We expected offers over asking and will not accept a full-priced offer."
Message to Sellers
The offers that you are getting are the market value of your house. It's time to accept that: either take the money or keep the house.
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