SCHOOL IS BACK!!!
Whew! For those guessing, that is a relieving sigh, for the kiddos to be back in school after the last few weeks of summer. My wife and I love our children and love being around them, but as two working parents, we are ready for the routine again. So are our kids if you ask them.
With that, fall market is just around the corner. In the upstate of SC, we are seeing numbers of available homes slowly climb (but still not where we should be), and also the market normalizing back towards a balanced market.
Over the last about 6 weeks or so I have seen a lot price reductions on listings as sellers wanted to “test the market” with a high price that numbers don’t really support – but when buyers could finance more with lower rates, they could afford to overspend a little, or possibly cover an appraisal gap with cash. As a result, these high “test” prices don’t create offers, so to get offers or more traffic in, these sellers are reducing to what the accurate price should be.
Some buyers don’t have the same buying power they did in March if they are financing a high percentage of their purchase. Does that mean your home is worth less? Not necessarily, it means some of the inflated prices that we have seen are fading, and we are getting back to a more normal market where most homes last more than 2 days on market. Happy to continue a conversation with any of you on it if you reach out!
Hope you have a great month!