The market makes drastic changes in terms of how quickly buyers respond to new listings and how quickly they can close a deal once they choose a property. For the past 12 months decisions to make an offer were made in hours. Decisions on conditions like inspection and financing were omitted in order to be the best offer. Virtually every property sold in the first week. The moment the pressure from their peers dissipated the Buyers’ pace slowed from hours and days to days and weeks.
Today’s buyer will take their time to view the property and think very carefully if it is the right long term decision. (It’s usually a long term decision because the cost of the property doesn’t give the buyer hope that they will be upgrading in the near future). The extra deliberation from the Buyer uncovers more compromises and leads to less interest in the property. Less interest leads the buying community to believe the market is falling dramatically. They all hesitate. Everything slows to ensure proper due diligence.
Properties are still selling. Buyers want to buy. Let’s face it, most of us who don’t own a house want one. Today’s Buyer has been given time to reflect. It’s enough time for them to realize that they should be focussing on the property that is absolutely their right fit.
The speed of the transaction has slowed, but the activity in the trenches demonstrates a willingness to purchase. The number of feet on the street suggests good sales volume to close out 2016, be it at a discounted price from the highs set at the end of the Spring.
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