I now can’t get “Where have all the Cowboys gone?” out of my head. You’re most welcome. Lets move on… and my have things changed from a year ago today. This time last year I was working with more than a dozen serious buyers. As a good agent I was telling them to act fast and if our offer got accepted then we’ll do our due diligence. Now I’m telling my buyers, if you can wait a few months I’d do so. Why on earth as an agent would I tell people to not buy a house? Because I believe in putting my clients first and I study the real estate market daily. It’s my belief that sellers aren’t adjusting as fast as buyers are.
What am I telling my sellers? If you want to sell, we need to adjust our price before everyone else does. As a result, I have two closings this week.
First let’s look at the data showing the decline in buyers compared to this time last year.
- 3.14% was the mortgage rate this time last year
- 6.82% is the current mortgage rate
- 33% fewer people have searched “homes for sale” on Google
- 25% less showings according to ShowingTime
- 29% less mortgage applications
Why are sellers not adjusting? Because Zillow believes their house is worth 16.5% more than this time last year. People want to hear the narrative that gets them the most money. Unfortunately, that’s not always the correct path and why you should ask me how much your house is worth.
Thanks for reading,
Chris
