HERE'S YOUR WEEKLY LISTING REVIEW FOR

1516 E Center Rd

Hi Christy & Mike,

There have been no significant changes since our last update, with no new buyer inquiries, showings, or offers over the past week. The vacant land market continues to move at a slower pace, and comparable properties are generally taking extended periods of time to sell. The listing is also set to expire this week. We'll continue monitoring the market and buyer activity, but if you would like to continue marketing the property, we can discuss extending the listing.

The latest housing data continues to give us a mix of encouraging and cautious signals. Nationally, home prices are still appreciating, with prices up 1.71% from a year ago, although the pace remains fairly modest. At the same time, pending home sales fell another 2.3% in July and are down 2.2% from last year, showing that higher mortgage rates are continuing to keep some buyers on the sidelines. New home construction also slowed in July, with housing starts falling 12.4%, while builders remain cautious due to higher rates, affordability challenges, and construction costs. The Federal Reserve is still watching inflation and employment closely, and cooler inflation along with a softer labor market could give them more flexibility on future rate decisions. If rates eventually come down, we could see more buyers return to the market, but for now affordability and monthly payment remain major factors.

Locally, we are seeing some of that caution reflected in our own activity. As we move further into the fall market, showings across our listings decreased last week, with fewer buyers actively coming through properties. We are still seeing buyers when a property fits their needs and is priced competitively, but they continue to have more options and are taking their time comparing properties. This reinforces what we've been seeing throughout the year: we are still closing homes, but the market is moving at a slower pace and buyers have more negotiating power. As we head further into the fall, we'll continue watching showing activity closely and making sure our listings are positioned appropriately based on the response we're getting from buyers.

– Haydn