HERE'S YOUR WEEKLY LISTING REVIEW FOR

2611 W Broad Ave

Hi Stephen & Mackenzie,

We had no showings over the past seven days and no new offers. The previous showing feedback continues to give us a pretty clear picture of what buyers are noticing, particularly the yard, roof, garage location, fencing, and kitchen size. With no new activity this week, I think we’re at a point where we need to seriously consider which direction makes the most sense. I’ll give you a call this afternoon so we can discuss the potential pre-inspection and go over the pros and cons. Right now, I believe we’re at a turning point in the market. We have to decide whether you’re comfortable being in it for the long haul and waiting for the right buyer to eventually come along, or whether we make a more significant change now to get ahead of a market that appears to be declining. In a down market, small price cuts can often leave you behind the pulse of the market rather than getting ahead of it. Larger adjustments, whether through price or addressing the condition of the home, are typically what give us the best opportunity to get ahead of a decreasing market. We can continue monitoring the activity, but I think it’s important that we make a clear decision on which strategy makes the most sense moving forward.

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