We’ve all been hearing rumblings of a “market shift” for some time. That is, a shift in leverage from the seller’s to the buyer’s side. We’re a little nervous about it but then again agents are always nervous about the market. Is there really a shift going on? If so, has it started and if so, how long until we really start to see it taking effect? Or are we worrying about nothing?
One of the best ways to gauge market conditions is to introduce a new listing to the MLS we know would historically attract good activity and watch what happens. I’d already decided if 146 Estelle had languished for months without a strong offer it would tell me something’s not quite right. Even here in November, considered the off season, this is a home that just shouldn’t take long to sell.
146 Estelle is not only a great looking home, it’s also priced fairly and in a very popular price point. It’s located in a wonderful neighborhood and school district. In normal times, homes like this don’t last long. The question is, are we in “normal times?” I mentioned to our agents this home would be a good indicator of what we can expect in the coming winter months and maybe well into 2018.
The good news is we had 6 showings on the home the day it hit the MLS and it went into title the next day with a strong offer. That’s moving very quickly for homes in this price point and on acreage even in the summer months. This confirmed what I’ve been suspecting for some time … we may or may not be seeing a market shift but well priced and well located homes will still sell, even in the off season. The demand is still there and I can’t see that ever changing.
Of course, we still have to get through inspections, financing, and the closing, but the activity we had on this home and the speed with which it went into title makes me feel good about the strength of our local real estate market.