The Mindset of Buyers, Sellers, and Their Agents . . . in Three Words
Want a 3-word summary of the current state of the housing market and people’s mindset?
Here’s mine by category:
Buyers: “Wary.” Not all but many Buyers now are nervous about what they perceive to be elevated housing prices — and what comes next.
In fact, home prices have increased significantly the last few years, at least in part due to an ongoing shortage of inventory.
Militating against another housing bust: a robust economy and still-low interest rates.
Sellers: “Impatient.” Earlier this year in the Twin Cities, multiple offers — particularly at lower price points — were rampant.
Approaching Labor Day . . . not so much.
While area Realtors have caught up to that reality, not a few prospective Sellers — abetted by misleading media coverage of the housing market — are still adjusting (I’ll call it “stale” rather than “fake” housing market news 🙂 ).
Realtors: “Tired.” Many Buyers’ agents this Spring were run ragged helping their clients find and bid on newly-listed homes — only to frequently come up short in multiple offers, then have to repeat the process all over again.
While the market’s pace is now slower, tight inventory still requires an ongoing, heightened level of Buyer (and Buyer agent) vigilance to avoid missing out on the choicest homes . . .