Buyers and sellers were distracted with the election and nervous about rising interest rates. As a result, we had a real lull in the luxury market during September and October, however demand remained steady for homes below $500K. Showing activity was way down in the high end and it was eerily quiet, but then things changed after the election. Buyers came out of the woodwork, gobbling up the last of the inventory.
If you think buyers aren't out there during this time of the year think again. With interest rates still hovering around the 4% range, don't lose sight that it is still at historically low levels. Buyers are hoping for deals during the winter, but with inventory at such low levels, prices are continuing to rise. Sellers are figuring out that it is still a sellers market and will continue to be until, a flood of homes comes on the market in the spring, (a big maybe).
We don't know what will happen with inventory in 2017. It hasn't materialized in the past few years, a big cause in the drastic price increases. What smart home owners do know is that right now is a great time to sell. Low interest rates, combined with a shortage of homes for sale and rising appreciation are prompting sellers to list now.
RECENT 4th Quarter SALES by 'Discover Joy in Real Estate':