The fall is always an exciting time of the year at the Peters Company as we reflect on the year so far and start business planning for next year. While the market is up about 7%, our business is up over 43%, and this is the strongest year we’ve ever seen. So what’s not to like about that, right? As good as things have been, we know that what goes up must come down. With interest rates steadily rising, we are preparing for prices to level off. After they level off, We shall see. There’ll either be a renewal or a decline. If you are considering selling over the next 3 years, we believe this could be your last call.
There is no good and bad market. Let’s establish that now. There’s a market that favors buyers, and there is a market that favors sellers. As things begin to slow in the market, we’ll have a public perception delay that could easily be 12 months long where sellers simply aren’t willing to accept the reality that buyers aren’t going to pay the same prices anymore. During this time agents will be scrambling to find the magic bullet to move their listings and begin to wonder why it feels different, and the smart buyer’s agents will be opportunistic sharing logic vs emotion with the listing agents to accompany their lower than asking offer prices. By the way the same thing happens when we shift from a buyer’s market to a seller’s market. During those days you had buyers still making 90% offers when great homes began selling much closer to the list price, and it created buyer fatigue as buyer’s lost house after house failing to shift their strategy with the shifting market.
Inventory is increasing from month to month and pending sales are sliding. If you are considering selling anytime over the next 3 years, you owe it to yourself to explore the ramifications of waiting. Our listing team will help you take advantage of the market today in what I see is a closing window, and if you are a buyer, you shouldn’t be worried. Our buyer team will help you negotiate a deal using logic from years of experience and market research to get you what you want. Visit us today at.
Written by Andy Peters