The early summer months of June and July are not typically the hottest time of the year for residential real estate. Families head off on vacation and often postpone their home buying/selling aspirations for the more active fall months.
Last summer that theory didn't really hold true, as inventory was so tight that the buyer activity that persisted through the vacation months was enough to sustain a competitive market. This year however, we are dealing with a much larger inventory of homes for sale heading into summer. This means that the demand for homes will be spread much more thin than it was last year. If demand tapers off too much, it will start to show in the amount of time homes stay on the market.
If you are a home buyer, I would advise you stay vigilant in your search throughout the summer months. If the market does in fact slow down a bit, that could present you with an opportunity to get an offer in to a home you like with less competition than usual.
No comments:
Post a Comment