Some things never change. No matter how hot the market is in the spring, some homes will linger longer than you might expect. And, when a great house is unsold, you can be sure someone who’s lost out on more than one house will wonder why the house is not sold. The smart move is not to wonder long and instead seize the opportunity and jump.
If I knew how to make graphs from data, I would show you that there is an uptick in price reductions and a correlation between price changes and accepted offers. I don’t possess that skill, but I do have a good sense of the market, and I’m confident that there are buying opportunities available today. The window is open.
July Lull
Our market is driven by the everyday activities of life, the employment cycles, hiring periods, school days, and rental periods. Spring is our busiest season, and the spring market begins in early January. Most accepted offers occur before the end of June, and most closings take place in the months leading up to the end of July. Showings drop off in July, and we all know why–everyone has better things to do in July than look for houses.
August Uptick
When showings slow down in July, we might be tempted to think the market has changed and a dip is on the way. Don’t be too quick to report the housing market’s demise. Give August a chance. In my opinion, buyers who took time off in July tend to return in August. They make quick decisions, and we see a rush in accepted offers in September.
The Window is Open Today
It’s July 28th. The window of opportunity will not stay open for long. By mid-August, more people will be actively pursuing houses, and competition for the best homes will be the norm. If a house you’ve been watching is still available, move on it now. Thank your lucky stars, make the offer, complete your due diligence, and don’t look back.