Soft(er) Summer Pricing

Housing market conventional wisdom is that Buyers have more choices — but pay higher prices — in the busier Spring market vs. Maywaiting for Fall.

Fortunately for Twin Cities Buyers (less so for Sellers), there are some early indications that that may not be the case this year.

So, my Buyers — at least in a few neighborhoods — are seeing both better pricing AND more selection as we enter August.

Timing the Market

I attribute that to two things:  1) new listings competing with “Spring leftovers”; and 2) lots of would-be Sellers who are only now entering the market (due first to weather, then lengthy contractor backlogs).

One more piece of good news for active Buyers right now:  the predicted slow, upward creep in interest rates as the year progressed never happened.

On the contrary, rates are at their lows now.

Sell High, Buy Low(er)

The biggest winners in this year’s housing market?

Folks who sold this Spring, took a break, then are coming back on the market as Buyers now.

Of course, that would have required lining up short-term housing during the interim — not to mention the virtually impossible ability to divine short-term market moves.

*According to stock market lore, equity prices peak for the year in May, and tread water (or worse) during the slower Summer months.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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