Sales Market Insight
It’s time to acknowledge that for most areas the market has shifted. We have moved from a time when buyers were battling to win a single home, to a market where sellers are now competing with neighbors to sell first. Multiple offers still exist, but results have been more tepid. The market has experienced an increase in contract terminations driven by buyer hesitation, often revolving around relatively minor inspection concerns. Today’s buyers are more cautious, discerning, and deliberate in their decision-making process. As always, neighborhood, price, and condition are key factors.
Rental Market Insight
From 2014 to 2023 it seemed like renters were lining up and competing to lease a property with their references and wallets, especially for a privately owned condominium or home. Now, it is not uncommon to have a dozen showings and still have a property remain vacant on the market. Similar to the sales market, there has been a noticeable shift in trends as I have alluded to in my prior market updates. While neighborhood, price, and condition remain key factors, today’s average Days-on-Market sits around 50-days before a renter is procured and a lease commences.
