In May 2017 it was noticed by many of us in the business that listings that we were holding offers on listings were only getting 1 or 2 offers instead of the 10-20 offers we were seeing a month prior. Sometimes no offers were coming in at all right away. What happen???? Sellers were asking why they are not getting $100,000 over asking like their neighbour did?
A few reasons why.
- Sellers were not getting the $100000 over asking because they were now asking $100,000 more then they would have asked last year
- Buyers are growing tired of the multiable offer situation and refuse to participate
- The number one reason: INVENTORY!
May 2017 had an explosion of inventory that cooled the market. Don't get me wrong, buyers bought up the inventory in record numbers but they did with more caution.
So what does this all this mean? I have no idea. Honestly. It is going to go one of two ways. June will continue with a large amount of listings hitting the market continuing to cool things down OR inventory will dry up as May was an odd month of inventory and the market will rebound to the record sales value amount.
If you want live updates and advice, please feel free to give me a call. 705-927-6236