The Number ONE Question Asked About Today's Real Estate Market

Dated: July 21 2021

Views: 94

Is The Real Estate Market Cooling Off? 

 

The answer is - somewhat. Below is a mixed bag of relevant data to sift through...

              Mortgage Rates

 

Let's start with the chart above. Just when you thought interest rates were going up... they've been falling this month and are now below 3% (again).

 

As I showed you last week, the number of listings appears to be on the rise. Some say this will ease pricing - but that may take longer than you think.

 

Buyers are showing signs of burn out, chasing properties above values where comparable (comps) properties are priced. And eliminating the appraisal contingency is not sitting well with them. Yet, buyers continue buying in droves.

 

Sellers continue to push the envelop on their asking prices. High priced properties are beginning to sit longer, while properties priced well are gobbled up in hours. And, inventory (still) remains low.

 

It's too early to say if things are cooling off or not. The market is quite active. We need more data. Tomorrow we'll have the June data to sift through, so next week I'll give you more insights with the most current information available.

 

P.S. My wife and I visited a new restaurant on Atlantic Avenue last weekend. I'll share more about it in the coming weeks. But one thing blew us away - Delray Beach tourism is as strong as I've seen during any July. Atlantic Avenue was packed and all restaurants were full.

 

P.S.S. If you know anyone who is thinking about selling their home, I'd be honored to receive your referral.

Blog author image

John Wieland

My real estate passion began almost 30 years ago. It was Orange County, California 1989, when my friend and I began a property management business. We focused on apartment buildings in lower social-....

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