As summer finally arrives and we enter the second half of the year, election noise grows, and so do your vacation plans!
While the real estate market is traditionally averse to volatility and historically slows down as we approach the elections, we’re currently seeing a slight pick-up in activity as savvy buyers seek out opportunities.
Overall, lower-than-usual deal activity and a 23.8% increase in inventory this past Spring season have added pressure to the sell side, allowing buyers to edge out a light leverage advantage, which continues today.
As the gap between buyer and seller expectations narrows and rates decline—falling below 7% for the first time since March—a wave of demand is hitting the market right before the elections.
Advice for Sellers:
Take aggressive pricing action sooner rather than later to take advantage of this uptick.
Be aware that contract activity normally declines 13% from June to July, 7% from July to August, and 17% from August to September. While activity starts to pick up after Labor Day, this year may present more uncertainty, mainly due to the election.
Advice for Buyers:
Prices have declined in your favor, inventory is the highest it’s been in months, and the upcoming summer slow period represents an opportunity. This is the time to take advantage of the market climate.
