OK, this time last year we were in an INSANE sellers market… houses being sold in hours, multiple offers at thousands over listing price, people waiving appraisal contingencies, lotteries for new builds. It was just nuts.
Then over the past few months, there has been another market shift where things have cooled significantly. Record numbers of homes listed in the MLS. Homes on the market for weeks on end, lowball offers, open houses by the score, you name it. Everything indicates a shift into a buyers market.
But in just the last week, we here at the powerhouse team of Thompsons Realty have noticed another market shift. Subtle yes, and it’s only been happening for the past week, but here’s what we’ve seen that tells us more buyers may be coming into the market.
1) My lovely bride had some relocating clients over the weekend and she showed them 52 homes (yes, 52. They made an offer on home #51). In almost every home they saw other buyers looking as well. “So what, big deal” you may say. It is a big deal. Last month you couldn’t find a buyer, last weekend you couldn’t swing a dead cat without hitting one.
2) We sold a home in Wittman in six days. Not some cheap POS home. a $550K home. The only reason it took six days instead of two was the seller was out of state.
3) While looking for the 53rd – 60th house for our relocators, we ran into several homes that had just received offers. That’s plural as in multiple offers.
Those three things may not seem like much, but put them all together and compare them to how things were just a couple of weeks ago and it tells us that times just might be a changing. We’ll need to see more of this for a longer period of time to know for sure. I’ll keep a close eye on the MLS stats for a change as well. But something’s happening here, what is is ain’t exactly clear. Yet. Stay tuned!