Is it seasonality or is it a slowdown? This is the big question on many minds in the real estate business.  Until recently, we had always experienced a slower August, but during the COVID/Pandemic years, we did not experience the same seasonality in the market as we had in years prior. Traditionally, we’d see the market slowdown in July and August because of vacations and kids returning to school or college. The holiday season would normally bring a similar situation in November and December. With the low-rate environment between 2020 and 2022 and the work-from-home/remote work situations, the real estate market never slowed down during that time. As a result, a lot of real estate professionals are not used to the current market that we are in. Most are also not accustomed to rates being in the 6% and 7% range – or sometimes even higher. Today’s market requires a skilled Realtor to help you navigate the real estate market if you are looking to sell or buy. 

With the combination of the lock-in effect of low rates, lack of new homes being built over the last 14 years, and people staying in their homes longer than ever before, the result continues to be low inventory levels of homes for sale. Mortgage rates have more than doubled in the last year so this, too, has greatly impacted the real estate market. With so much volatility in the market, you must choose to work with a Realtor who knows how to navigate these rocky times.

I believe we are in a seasonal slowdown right now. I expect things to pick up after the Labor Day weekend and we should continue to have a normal pace of sales until mid-November. Interest rates will continue to fluctuate up and down right around 7%, which today’s buyers are now accustomed to. Some houses will still generate multiple contracts and others will stay on the market for weeks. We will basically be in a normal market. My advice is to be patient. If you are a seller don’t expect multiple offers and a quick sale because it may not happen. Everything will be OK – your house will sell if you get it in the right condition and price it properly. If you are a buyer, there will be a house for you – be patient, but also move quickly if you find the right one because there are other people looking as well. 

I am here to help you so please feel free to reach out to see how I can help you with selling your house or buying your next home.