Fairweather Friend?
Several articles were posted Monday about comments from Redfin’s Chief Economist Daryl Fairweather. In her report from Friday July 9, she says,
“With more new listings starting to come on the market, buyers who threw in the towel may want to look again because the market is tilting more in their favor.”
This could be a welcome perspective for those who feel they might have been priced out of the market this past year. In the report, Ms. Fairweather describes buyers as not having “the same sense of urgency that they did at the beginning of the year.” As a team, we have seen this trend in our own market as the pace slowed a bit into summer.
Could this be an early signal of normalization in the market? Could it mean we might begin to see increased inventory heading into fall?
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Maybe, maybe not.
Doug Duncan, Fannie Mae’s chief economist suggests that “Despite the pessimism in homebuying conditions, we expect demand for housing to persist at an elevated level through the rest of the year.”
We all know it’s still a seller’s market. We’ll just have to wait and see what July and August have to say about buyer urgency and how it relates to home inventory in the coming months.
I’d like to know what you are witnessing. Seeing signs of slower demand? More inventory in the middle of Summer?
Reach out today to talk about your Real Estate Adventure!
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