Below is a snippet of the marketing information I sent to my sellers this week, but the info seemed useful, so it’s here for everyone to enjoy!
For the past couple weeks, it has been slow. There was a flurry of activity through many of my listings during early September, up to right around October 1. All activity slowed down over the past 10 days – not just at your place.
I am anticipating another surge in activity as “Realtor Fall” does not correspond with “Customer/Shopper Fall.” So as the weather turns cooler and the leaves turn, we may see another spurt of activity. My economic outlook is not so rosy. Normally there is some economic reason to get people to make a decision to enter the marketplace. I had been expecting two things to happen: (1) interest rates to inch up and (2) prices to stabilize.
Interest rates in October surprised the heck out of everyone by still slipping lower – today’s rate is 4.25% on a 30 year fixed conforming loan.
And the median housing price for the nation slipped further after inching upward all year.
If interest rates would have inched up, and if prices would have inched up, both factors would have driven buyers into the marketplace. It can’t be long for both, but at the moment, we must continue to wait.