As the overall market tends to slow down this time every year, people still continue to enter the market. So how's the market from a brokers view? Glad you asked. In a nutshell inventory continues to decrease and won't pick up till spring market, after the election. Sellers are not entering the market even as buyers demand is there. What you don't hear from mainstream media is around 25% to 30% contracts derail for some reason. Banks, employment etc. etc. Rentals continue to be very strong.
With inventory levels so low in many cities, buyers will find it challenging to find a home and then face multiple offer situations. Remember, do not write escalation clauses in contracts or you will surely overpay. You will never know what someone else has offered.
The banks are controlling the foreclosure market in my opinion, which should not surprise anyone. There is a backlog of properties that are not on the market and many go to auction several times before even hitting the mls. Thanks to technology and a robust backend system to the mls, you can track any property in different stages. Accurate knowledge is power as the market has become much more complex and diverse.
The past few weeks as the market has slowed there have been more price reductions and incentives offered to buyers. Pricing is still tight just as lending and you can still get a property if priced correctly for 92% of list, which means some properties are still over priced. Just the way the market is. You have to be in it to know what's going on. Patience is the key for everyone and more inventory will be great for the demand that's here and has been for most of the year.
Any questions about a particular area, neighborhood? Just ask....
Is it the right time to buy or sell? The answer to that question is it right for you. If it is than it's a good time to jump in or start exploring your options.