This week our listings saw an average of 2.2 showings each. Buyers continue to be highly critical; with a high supply of active listings to choose from, many simply eliminate listings from their search based on very minor negatives that they would have overlooked a year ago. Such is the nature of a buyer’s market.
Depending on whether you are in the market to buy or sell, that is just a matter of perspective. Chief Economist of the National Association of Realtors, Dr. Lawrence Yun, reports this week that existing home sales are expected to remain stable but slow for the next couple months and then begin to rebound during the second half of the year. That’s good news for those in the market to buy right now, but that positive news for buyers could soon shift to a better outlook for sellers.
Remember that the data being reported has a ‘tail’, (i.e. the news you read today reflects the market conditions from the month when the data was collected.) So, if market data is expected to show improvement in a few months, doesn’t that mean that the market is already improving? If that’s the case, then the opportunity for buyers is right now, but it won’t last.