Back during the great recession and housing market crash one of the large franchise type real estate companies came up
with the phrase “market shift”.
It was a kind of positive spin on what for many of us was a difficult time. Home prices were falling and as homeowners lost their jobs during the great recession the number of foreclosures went sky high. The phrase “market shift” sounds more positive than “market crash”.
I have been seeing the “market shift” phrase again. I have observed a subtle slight change in the local real estate market but I believe it is seasonal. I did a quick check and homes are definitely selling very quickly, often with multiple offers and for over the asking price.
It is possible that some would-be home buyers are delaying their purchases. I certainly have some clients and friends who are holding off because of high prices and fierce competition in the housing market.
Even so, there are still more home buyers than there are sellers and just over a month’s supply of houses for sale in the metro region. There aren’t any signs of a big shift in the local real estate market. Look for an increase in the number of homes for sale in September but not enough of an increase to create a shift of any kind.
There has been an influx of new real estate agents. It really is true that there are more real estate agents than there are homes for sale. It will be interesting to see how it shakes out. The average number of sales per agent has been declining and as more people become real estate agents that trend will continue. Expect to see a downward shift in real estate agent incomes.
