Cascade Title's Manager Message
It is hard to believe that summer is winding down, the days are noticeably getting shorter and we are finally harvesting tomatoes from our gardens. September is not only a very pleasant time of year with beautiful fall weather, it is also a time when we normally see the real estate market slow down, but that is definitely not the case this year. Sales are up and everyone is busier than ever. Why the change? Well, from what I see and hear from you out there, sellers and buyers are just tired of waiting and most everyone has adjusted to the current level of values. Hence, we are seeing the market make the turn we have all been waiting for. I read an interesting article at the Redfin website that caught my eye and here is part of what they are saying:
"A survey of 982 prospective buyers in 19 markets by tech-based brokerage Redfin shows an increasing conviction that home prices are on the rise, and a growing reluctance to get into multiple-offer situations. Many buyers who emerged from hibernation this spring eager to take advantage of low rates and near-bottom prices now seem to have become demoralized by the intense competition for a limited selection of homes for sale," the company said today in releasing the results of the survey, which was conducted Aug. 16-22. Seven in 10 of those surveyed said they'd encountered competition on at least one offer, and 31 percent said they'd back off when faced with multiple-offer situations, up from 28 percent during the second quarter. While 46 percent believe now is a good time to buy, that's down from 56 percent during the first quarter. And 32 percent think now is a good time to sell, up from 13 percent during the first quarter -- further evidence that would-be buyers think the market may be shifting against them, Redfin said. While 61 percent of those surveyed by Redfin believe prices will increase, up from 32 percent during the first quarter, the percentage of would-be buyers who are worried about the economy also grew from 20 percent during the first quarter to 27 percent in the latest survey. The National Association of Realtors said today that its index of pending home sales posted its 15th consecutive month of year-over-year gains in July, reaching the highest level in two years."
Good news indeed and with the upswing in the market, it is my feeling we can all breath a small sigh of relief. Yes, we still have a long way to go and lots of ground to make up, but maybe, just maybe, we have seen the worst. I for one will sleep better at night and it is great to hear the phones ringing like they used to! My experienced staff here at Cascade Title are ready to help you get the job done.