Welcome Back !

WRITTEN by Jo Ceglarek & Lynn Bjorvik

Are we the only ones having a hard time believing we’re mid way through November?!  Goodness, time has flown by and so much has changed throughout this real estate year, though perhaps the same as in years past, in which it can feel like we’ve been on a roller coaster.

But, we look good on a roller coaster, so it’s ok. 😉

Current Market Activity 📊

In the weeks since we last spoke, there’s been a drop in buyer activity in the market, affecting not only market times, but sale numbers as well.  As can be typical in a fall setting, sales slow, however, there was a definite shift that almost suddenly took place three weeks or so ago.  Properties that were unsold have been forced into price reductions in an effort to entice buyers.  Challenging  ‘buyer-a-bility’ is likely determining this current path, however,  there are many things that can also effect things such as, mortgage rate fluctuations, and any inventory fluctuations.  With that said, there are still some ‘more desirable’ areas/properties that are garnering the most attention IF they come to market.  While none of these changes have been in dramatic proportions, and it may differ depending on the area,  it surely effects day to day transactions.

👀 Looking Ahead

We’re expecting that mortgage rates may continue their slight upward trend as we go through the fourth quarter, or perhaps hold steady.   We’ll see.  The bottom line is that those that may sell property in Q4 (& possibly Q1 of 2024) will have to take into account any ‘shifting’ we are experiencing, and apply it to strategies for selling, and buying, as the picture is a bit different from what it was a few months ago.

Until next time…