All good things come to an end is a proverb we often hear. With a slowdown in contract activity just reported, one may wonder if the market has peaked and is beginning to level off. Have the days of record-breaking sales activity run their course? It’s difficult to say, given that this year has been an anomaly in itself with historic sales numbers reported through the first half of summer.
Coming out of a pandemic with businesses opening back up and people having adapted to new ways of living has certainly had an impact on our current market. There is nothing normal about this year so basically all bets are off on which way things are headed and shouldn’t necessarily be based on a
week of slow activity.
It should also be noted that
“it was a holiday week and the market is still strong” as Donna Olshan, author of the Olshan Report, points out. This is one of those times where we wait and see, as we continue to return to some sense of normalcy.
Meanwhile if you’re serious about selling, it’s important that you price competitively if you need to get out. Although inventory
levels have come down slightly, buyers are still keen to the current state of the market and are seeking those properties that are negotiable.
If you’re looking to buy, you may have missed the proverbial “bottom” but the good news is we’re still in recovery mode. The days of attractive discounts are now in our rear view mirror and prices are slowly working their way back up across all market segments. Yet don’t despair … there may still be deals out there. It’s just the “pie in the sky” property you may have been eyeing most likely is not the “steal” it was six short months ago. You should also consider that foreigners are back in the picture especially now, given the weak dollar. It is only a matter of time before we see demand increase even further and prices work their way back up.
If you’ve been thinking about selling, buying or investing, now is the time to act. Let’s talk.
