Isn’t it time that I put an end to the rumour that I have lost my laptop? I can only say that the market conditions here have changed. The increased number of homes for sale has impacted all aspects of our market. I have been busier with activities for my clients. I have more listings and my buyers are taking a little longer to find the perfect home.
More listings increases the amount of time that a Realtor have to spend servicing listings. Yes Virginia, not only is there a Santa Claus, today, more than ever, it takes more than a sign in the yard and fresh cookies during an open house to get the house sold.
The pool of buyers remains constant, but the increase in inventory has ended for now the need to write an offer on the hood of a car in an effort to beat the competing offers. If the house a potential buyer likes goes under contract, there are many more available quite similar to that one.
There are so many available that buyers are doing two things.
- Buyers are looking for houses on their own.
- Buyers are hesitant to act.
I suppose with interest rates up and prices still holding, some folks feel that maybe they can negotiate a better deal on their own and save “commission”. I hope that they realize that if they allow the agent selling the house to handle “both sides of the deal” – they have no representation.
The agent selling a home in Maryland CAN NOT represent anyone but the individual selling the house. They may talk fast and gloss over that fact and point out that they can cut their commission to save the buyer money, but the fact is – they are working for the seller and they CAN NOT offer any advice or counsel regarding price or anything else about the home that is not public knowledge.
It would seem that the the hesitancy to act is related to the amount of homes on the market. If we buy this one, we may have missed a better home. Maybe we should look at a few more? The fallicy in that logic is plain to see for a Realtor and is lost in the haze of so many homes seen by the buyer. If you have found a house that you feel can be home, buy it. If you wait, it will be gone. It is far worse to spend the next 10 years in your second choice bemoaning the fact that you could have had your first had you written an offer.
The Fall Market is beginning and we are seeing an increase in activity. Sales in Montgomery County are down 26% but prices have risen around 5%. Those that have waited all Spring and Summer for prices to crash need to reconsider that plan and act before Fall turns into Winter and the home they have been watching is occupied by a new family.
I have to share, my wife and I had our eyes on a home we wanted to purchase. We watched and waited. We watched and waited some more. The other morning, to my horror, the house went under contract. It did not sell for less. The seller got their asking price and I am faced with a long winter of “Honey, why didn’t you make an offer? Now some stranger is living in MY house!”
I should have listened to my own advice.