So how’s the market?
Well…it’s still a healthy seller’s market, but you are starting to see a very-very slow influx on properties. And I’ve noticed this as am helping several clients find their dream homes. Never the less (for home sellers under $2MM), if your house is priced right, it will sell in under 3 to 4 months. Property owners above $2MM, there is no reason why your home should not sell in less than 6 to 8 months.
Where is the opportunity for sellers?
If you are thinking of selling, now is the time considering you only have one to two months to find a buyer and get your home under contract. Once we get into late November and December, sales volume go down.
However, November and December are a double edge sword in terms of sales due to the fact that inventory significantly dwindles (less inventory = less competition). This means that buyers have much less housing to choose from. So from this angle, this benefits sellers.
Where is the opportunity for buyers?
Considering we are in a seller’s market, it’s a bit of an uphill. But here is the edge. Financing regulation continues to tighten up. In other words, the process to close a deal is not getting harder if you are getting a loan, but it will take a bit longer. So choosing the right lender that is able to close a transaction sooner than later gives you great advantage. So when shopping for a lender…among other questions, ask: how quickly can you close?