When hearing real estate statistics from various news sources it’s easy to interpret them as discouraging, however it’s all a matter of perspective. Whether you are a glass-half-full, or half-empty kind of person (or as my daughter would say, a “Realist”), your outlook can make a big difference. You may be thinking of selling your home, and asking, “Did I lose my window of opportunity?”
Or as a buyer you may be thinking, “There’s no need to hurry on this, we have plenty of time.”
The point to consider is that even though it appears like nothing is going on, especially in the off-season when it’s usually quiet, keep in mind that buyers often start their search online, and most frequently when they aren’t here in town. Even when the wheels don’t appear to be turning, the engine is running. You will not necessarily know when that one buyer is perusing the internet and your property is “the one.” Buyers aren’t going to know if others are also thinking, “that’s perfect!” We just recently closed a lakefront townhouse and put another golf course condo under contract – one wasn’t publicly on the market at all, and the other went into negotiations within hours of going active on MLS.
We have four properties under contract while writing this month’s column, and three others have been in negotiations. Two of which were off the market, in fact, one buyer who had a genuine interest in a particular home didn’t realize there was any urgency, as the home was off the market. The property owners received and accepted an offer behind the scenes, and this particular buyer didn’t have enough time to make the trip up here and jump into the mix. They ultimately lost out on that opportunity.
A recent Canopy MLS market report from February 3, 2023 shows our 13 county region’s activity has declined somewhat, yet comparing year-over-year numbers can be misleading. “Looking back over the last couple of years, we can see that our region has experienced a tremendous amount of growth but what we saw in 2021 was an anomaly compared to previous years, which makes the year-over-year sales declines that we experienced last year appear significant.” said Christine Mallette, a Canopy MLS Board of Director, and Realtor®/broker with Better Homes and Gardens Real Estate Heritage. Mallette continued, “A number of indicators are signaling a recession could be in store this year, but in our area, at least currently, slowing sales suggests a return to seasonality, which is quite normal in the mountains. Still, buyers need to understand that a recession doesn’t necessarily equate to falling prices. In fact, with inflation easing, rates should soften a bit in response, but the days of rates in the three-to-four percent range are probably behind us.”
Wes & Cathy Cleary work full-time as full-service Realtors® living in Lake Lure and Johns Island, SC. They have invested, rented, bought, and sold real estate in Western North Carolina since 1997. Licensed in NC & SC with Team Cleary Real Estate, Inc. and Seabrook Island Real Estate. TeamClearyWNC@gmail.com; Wes 828-785-2115; 828-808-6790 Cathy; www.TeamCleary.com.