What if you are a buyer? Mortgage rates have stabilized again but are still well below the peak rates we saw at the beginning of the year. The volatility in the stock market is not going to likely help our market or our rates. In addition, we will be staring down another presidential election and people will be cautious to make big money moves let alone housing moves. My recommendation would be if you are a buyer, do what you can to secure a property while the rates remain low and inventory is much better than it has been. You may have to put a number of offers out there to find that motivated seller, but it will likely be worth the effort. You can wait to see what surfaces in the price reductions, but you will likely be doing what most buyers are doing and that might be too late. Don’t be afraid to put a reasonable offer in on an unreasonably priced home because you never know what might stick.
What if you are a seller? If you are seriously considering selling, I would get your property on the market ASAP. There are more things pointing at head winds for the real estate market than tail winds. Inventories are generally up, not just in our market but across the state and the country. This leads to higher days on market and ultimately more negotiating when the time comes. But it is not all doom and gloom. The Truckee/Tahoe real estate market is still seeing sales in days or a week, but it is primarily price driven. If a new listing is seen as a good value, it will sell fast, and it might still receive multiple offers. This appears to be true in all price ranges. We are still seeing a considerable amount of million plus and multi-million-dollar sales. I have been telling folks this year, “we are in a market that is hard to leave money on the table”. If you somehow underprice a property you will likely get the offers needed to get it to where it should be. The real risk is over pricing and using that time on the market to figure this out and then the listing becomes stale. Personally, my favorite time of year is right around the corner. I know per the calendar; Fall doesn’t start for another couple months but in the mountains it will always arrive earlier. Those cool mornings and warm sunny afternoons are as good as it gets. Don’t get me wrong, I love winter but there is just something wonderful about fall.