Mid-July Market Update

By fran-lichtman July 14, 2021

It is becoming more and more clear each day that the fall could be bringing slightly lower prices and more inventory. While the July 4th holiday definitely reduced the weekly new inventory and created a 2-3 week dip in the market, things should pretty much bounce back. New listings have increased steadily which has given buyers some additional choices and some breathing room!

It is a fact however that some homes are beginning to linger on the market just a bit. Zillow has confirmed that online searches are down considerably and there is also a significant decline in new mortgage applications. This is clearly pointing to the slowing of what was a very fast paced market for 13 months. The market is still very competitive and prices are still very high but we expect that once the fall comes, the home buying market will begin to show the usual seasonality that we see after the summer.

Buyers-Now is a good time to buy! Don’t hesitate.

Sellers-Now is a good time to sell but you may have to adjust your expectations a bit!