Our biggest challenge this last quarter has been finding good quality inventory. The market continues to move along at a fairly consistent pace, although the looming typical holiday slow down is notable. Buyers sat on the sideline the first half of the year thinking prices were going to drop and when that didn’t happen, activity picked up this summer. While the higher interest rates do give buyers a momentary pause, the biggest concern is future appreciation and where the market is headed in 2024, especially given that it will be an election year.
Personally, I find it a refreshing time for buyers to negotiate again and regain some of the power they lost during the peak. This is also the time of year when our off-market inventory rises. Sellers are quietly preparing their houses and targeting the spring to officially list.
