Bob Dylan got it right – the times, they are a-changin’…
I read a really interesting article in Boston Agent Magazine that said massive real estate companies like Compass and Redfin are laying off employees nationwide in anticipation of a major shift in the real estate market.
So, what does that mean for you??
The market in Boston is still strong, despite interest rates doubling. Many sellers are still receiving multiple bids, but others are having to reduce their asking price as buyers are no longer qualifying in certain price points. We’ve seen this before, and it usually means that the real estate market is undergoing some big changes.
That’s not unusual – interest rates go up and interest rates go down. The market itself may in fact go down, but that doesn’t mean it’s time to panic!
In fact, this could be the turning point buyers have been waiting for. There is nothing more aggravating than watching a buyer lose out on home after home thanks to multiple offers. And don’t even get me started on the trend of only showing homes during weekend open houses. How can you possibly show your clients all the homes they want to see in a few hours??
And while I’m on a rant, can we PLEASE put an end to the incredibly stupid practice of asking for home inspection and mortgage contingencies be waived??
On the bright side, when the market shifts this way, both buyers and sellers get what they pay for. Buyers pay an appropriate price for the house, and they are protected by the important contingencies that keep you from facing MAJOR problems after closing.
Sellers get a fair price for their home, and their agent truly earns their commission by showing the property frequently and creating the buzz that gets houses sold!
The real estate market needs to return to the time when relationships mattered. This is the most important financial decision a buyer will ever make, and they should have an experienced agent that strives to make the process pleasurable, professional, and worry-free.
Real estate is a service, but it’s also a relationship, and I’m very glad to see that we’re returning to what really matters!
