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October 2018 Market Update

Hello Friends,

I hope everyone had a Blessed Thanksgiving Holiday! It is one of my favorite holidays as much of my family gathers at our home for a Thanksgiving feast. The table “ouches”, it is so overladen with delicious food. We all go around the table and share what we were thankful for during this year. When it was my turn, I shared many things and events that I felt blessed my life this year. Many of you were part of my thanksgiving.

What a crazy year we have had! The market started out very hot with buyers having to race to homes to get a chance to see them and just maybe make an offer! Many offers later, they finally got their home! Sellers were dancing a jig as they received multiple offers and sold their homes for more than the list price.

Well, as the saying goes, all good things must come to an end. In July and through the rest of the summer we saw some buyers hitting the pause button. The inventory of active homes on the market began to creep up and less offers came in on listings. Buyers started asking the Sellers to pay some of their closing costs once again. We started to see price reductions on listings. A large percentage of buyers polled say they plan to wait for a correction in the marketplace. Buyers have switched from a frantic feverish mode to a bargain hunter mode.

This correction of the market has continued into the fall months. Below are the stats for October 2018. 

Barbara Harris

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Harris Group Realty, Inc.
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