MARKET UPDATE – October 15, 2017
It appears that the first half of October was a little better than the same time in September. In most of our markets, the active listing count is down quite a bit from September which is also encouraging. It is almost certain that the continued tightening of mortgage qualifying requirements is a large contributor to a little slower market.
It would be irresponsible to tell our sellers that the market is going to improve much over the winter. While spring is likely going to be a little better, it would also be irresponsible to tell our sellers that prices are going to recover back to 2014 levels next spring. That is simply not going to happen and it would be wrong to give false hope.
The bottom line is that it will likely take two or three years for prices to appreciate significantly unless something of an economic miracle happens.
