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The Curious Case of the Summer Market
This summer's real estate market has been a puzzle, to say the least. Unlike the hot spring market we had, and thought the summer market might be, things have taken a different turn. While some homes are still flying off the market within days, many are lingering longer, sometimes settling for list price or even less.
Searching for Answers
Why the slowdown? Interest rates haven't budged much in the last few months, stocks are riding high, and the job market remains stable. The likely culprit? People are on the move—graduations, vacations, and family outings abound. This influx of travelers means fewer potential buyers attending open houses.
The Psychology of Bidding Wars
Here's what baffles me: when no one bids, nobody wants to be the first. But as soon as multiple offers come in, suddenly everyone's eager to jump into the fray. Is there some thrill in bidding on a home with dozens of competitors, knowing the odds are slim? Why not strike earlier when the competition is less fierce?
Predicting the Market
For those waiting for the market to bottom out, think again. Predicting rock bottom is like chasing a mirage. The reality? Inventory remains tight, demand persists, and history has shown resilience in the face of predictions of a crash.
Looking Ahead
As we navigate through an election year, uncertainty looms. What happens post-elections often impacts market dynamics. My advice? Stay proactive. If you're in the market for a home, stay engaged. Even on vacation, keep your real estate team in the loop. Opportunities can vanish quickly when everyone returns, driving prices skyward.
Final Thoughts
Whether you're mentally preparing for a home purchase or scouting for an investment property, stay vigilant. The real estate game is always on, just like my dedication to keeping you informed.
Enjoy your week, and remember, your dream home might just be a few clicks or calls away. Reach out with any questions—I'm here to help.
Until next time, Deepak Arora. Your Realtor at Keller Williams, Santa Clara Valley
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