What Is Going On In The Market?
Are we in a permanent slowdown or in a temporary slump? If you have a property that you are trying to sell in Downtown, W. 7th or Southside for the last few months, I am sure you have been asking yourself this question. It has been a long time since there has been 81 urban properties for sale at one time' This has been an ongoing topic of discussion for the past 3-4 months when talking to our Buyers and Sellers. What is to blame for this dip in the market? We personally feel that the tax cap limit with the new tax law changes have contributed to the slowdown along with the rise in property taxes. Over the last few months we have seen excessive inventory hit the market. This has created vast competition for Sellers and it has allowed Buyers to hold more negotiating power than they have in the past years. It is very difficult for Sellers to dictate their prices beyond comps these days. Buyers have tremendous power and are very savvy and price sensitive.
Are properties still selling in Downtown, W.7th and Southside? Yes. Properties that are selling have very rare characteristics that fit the Buyer's needs 100%. The Buyer's know that what they are purchasing is a rare gem in the urban world and they see the value in the purchase. Is this the real estate norm for the future? No. The urban market usually sees a slowdown during the Summer. Urban Buyers are traveling during the summer months. Summertime for the urban market is often a real estate nightmare for Sellers' Buyers are not moving into a school district during a specific time frame and are usually at a secondary home in another part of the world. When is it going to pick up? We are always the busiest in the Fall, Winter and Spring. Don't worry- there's NO recession but rather a correction in the real estate market. Buyers and Sellers will find common ground for negotiating but it will be a little different than the days past. In the next couple of months, Buyers will be out in the market looking for properties at a reasonable price.
With that said, your agent will have to be cutting edge, experienced and knowledgeable. Debbie and Alana with The Urban Group have sold OVER 500 URBAN PROPERTIES' We communicate accurate market conditions and are straight forward on how to get your property sold' We do not put your property in MLS and hope someone calls' That is simply not successfully marketing your property' We use the Ebby Halliday/ Berkshire Hathaway marketing platform, we utilize our "Urban Blitz" open houses, our major publishing networks and our high quality photographers to get your property sold' For more information please check out our Buyers and Seller's Guide at