This month’s Realtime Report shows us some encouraging signs of a market, that has been in a deep freeze, starting to thaw. The numbers speak for themselves, so I’ll discuss some other indicators giving us market insight….
Open house traffic for this past rainy Sunday was the strongest all year. Our retail storefront has been very active with buyers and renters who seem to be real, and not vultures. Buyers are starting to realize that this is their market. Sellers, who are sophisticated enough and refuse to remain in denial, are listening. Mortgage rates are historically low. The market seems to be finding a level. A level where buyers are starting to step in, and a level some sellers are willing to accept. This is refreshing.
The market over the past eight months has been hit hard and hit quickly. It has acted dazed and confused (along with the cast of characters who interact in it). It seems to be finding its equilibrium and the dust is settling. Deals are being made at varying levels that show both sides have made adjustments.
Are we there yet?…… It depends on what your destination is. I know that the only way to confirm that you’ve reached your destination is by looking in your rear view mirror. This is difficult to time – possibly impossible.
Our April Realtime Report certainly hints that this market is opportunistic. Let’s see what happens in May…….