My company has about 250 agents, one of them sent a query email out over the weekend about cancellations on showings and not as much activity on higher end listings.
He got a 1/2 dozen responses indicating that yes, they had seen an increase in cancelled appointments to view properties, particularly in the higher end market. One pointed out that he used to get 30 showings in a weekend, and last listing only had about 15.
I put a new listing on the market last week or so and the showings were not great. We used a marketing tool to heat it back up and we now have multiple offers. But, we got so many, oh so many, cancellations on showing appointments. It was pretty remarkable.
One of our associates is a Real Estate coach for Realtors around the country. She had this to say:
"We are seeing a slow down across the country - buyers are are starting to balk at having to give up everything and their dog to “win” a home and are choosing to sit back and see what happens in the next year.
Seller have been pushing the limits and have hit the wall. Definitely to be expected. Obviously agents need to work with their sellers to “reset” their expectations.
However the coastal properties are still in high demand.
This shift started late last month."
Is The Tide Changing?
Had a long conversation with one of my trusted lenders and he said the same as the Realtor coach. One of my long term buyers and I conversed yesterday and he's definitely going on vacation and going to wait til the multiple offers, over appraised value, and giving up the family dog to win a house settles down.
Not quite sure when that tide will finally roll to a more calm balanced market. But we appear to be seeing a little rock in the surf that is knocking some buyers out of the market and waiting til it does.
But, hey, the buyers that do continue? Maybe they won't get hit so hard with multiple offers now?
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