After a roaring first half of 2016 the housing market has slowed to a post July 4th, election year crawl. Showings are down as are sales above the $350-$400K price points. If you still have the right home at $260K it may still draw multiple offers but the homes at $400K plus that were getting swarmed in April and May are now much less active. If you know a home seller above $600-$700K and listen closely you may just hear bouts of gentle sobbing. It's THAT slow in the upper end and I don't see that changing any time soon. One more note about the high end...the higher price points 'feel' a lot like the 2007 high end market. Sellers then and now on the high end seem be extraordinarily cautious. There seems to be a lot of hoarding of cash. It's certainly NOT getting spent on real estate in the heartland unless you've just signed a new pro football contract (FYI Andrew Luck seems quite content in his condo on Alabama near Mass Ave). In July on WTHR we talked about the overall condition of the market as it slows and in our next appearance on August 7 we'll be talking about the value of community amenities and how they improve home values (WTHR, Sunday 8/2 just after 9am). In the mean time always remember...it's the price...ALWAYS the price. If you're not selling your number is simply too high.
Posted by Greg Cooper at 2:09 PM
Trying to buy or sell a home in a fast real estate market can be challenging. What's realistic for home sellers and buyers in this type of environment? For now here there are special tactics both can use to help them get to the closing table. We talked about it Sunday June 12 on WTHR's Weekend Sunrise.
Posted by Greg Cooper at 1:54 PM