To many people, it seems as though there aren’t that many buyers in the market. Is this actually the case or could there be another reason behind this? There have been transactions taking place, but not to a level where they would seem to be skyrocketing. Glenn Phillips, Lake Homes Realty’s CEO, explains why there aren’t more buyers in the market and what could be causing it.
A. Modest Market Improvement:
- Inventory is Larger- There is currently more selection. This is a good thing that could bring in more potential buyers.
- Mortgage Rates- The rates are currently showing signs of dropping.
- Buyers Demand Strong- At LakeHomes.com, we can see that the web traffic is heavy, which means they are buying and shopping.
B. Still, Buyers are Waiting On…:
- Realistic Pricing- Because the inventory has grown, many houses are priced way above what they should be. There have been signs showing more realistic pricing is on its way.
- Selection- There is a decent selection, but after taking away the homes that are not priced appropriately, the selection is smaller.
- Election and Holidays- Every 4 years during election time, there is a slower time period of people actually looking at these properties. It is a hard thing to attribute because most people can’t even really explain why this happens. As the end-of-year holiday season approaches, things slow down mainly due to busy schedules.
Buyers might not seem like they’re out there, but they are. When it all comes down to it, they are simply waiting. One thing that can really change is pricing homes correctly. Things pick up pace when a home that’s priced accordingly is on the market. If you’d like more information to help you navigate this topic or any other real estate question, connect with an agent at https://www.lakehomes.com/ today.