Highland Park Seller’s Agents say it’s quite difficult to imagine the market turning when, every month our properties are selling for higher and higher prices. It would be rare for a market overnight to plunge the way a stock market plunge could happen.
It’s just not the same. Although our Highland Park Listing Agents have seen almost instant changes in the last few years, generally speaking, there are indicators that can be seen weeks in advance.
Let’s review the indicators:
- Highland Park Listing Agents say negative media will quickly cause concern and give buyers a reason to pay attention, often pulling back on impulse buying and full price bidding.
- Highland Park Seller’s Agents say the stock market behavior can lower equities slated for real estate purchases and can also indicate a turbulent economy moving forward. Buyers tend to back off when the stock market is falling.
- Highland Park Realtors say interest rates and forecast for increasing rates for the coming quarter will discourage buyers and add to negative media rumble, feeding the “it’s not a good time to buy” chatter.
- Highland Park Real Estate Agents say overstocked inventories of homes prove to buyers that homes are not moving.
- Price reductions and secondary price reductions are true indicators that the market is slowing.
- Highland Park Listing Agents say that a longer time on the market with major drops in price from the initial list price to the recorded sale price tell the story loud and clear. From recorded final sale prices one cannot suggest the notion “it is all in your head”. This becomes the real truth, concrete evidence that prices are falling.
- Highland Park Seller’s Agents say repeated statistics and examples tell it all. When there are a handful of examples of falling prices and increasing inventory, one cannot recommend “It’s just one example of a distressed owner who had to sell”. Clearly, at this point, there is no argument left to invalidate that the market has changed.
Our Highland Park Listing Agents often recommend that you watch for the first signs, or better yet, don’t wait until the first sign to show if you really want to sell your home for top dollar.
Remember, it’s ok to sell even a bit below the top because a buyer who is willing to pay top dollar wants to feel some upside and potential to chime in on making a few dollars for themselves.