The perception is that the Eastside real estate market is slowing down. Having taken a look at data from the month of August, the data does support that – to a degree. Take a look at the video below for key stats and data. I’m still pretty new to this video game, so be patient with me as I perfect the art of talking to the camera. I’ve not yet tried a Facebook Live video – perhaps I’ll try that next month!
My key takeaway from this market update is that while the data seems to only support a very slight market slow down, and still predicts growth for the foreseeable future (albeit at a slower pace), perception is reality. And if buyers are suspecting a slowing of the market, no matter how small, that perception will translate in their offers. Even for hot homes, my guess is that we’ll start to see fewer multiple offers, lower escalation clauses and ultimately fewer houses selling for significantly above asking. In turn, this will of course impact the market as brokers look at recent sales to price their upcoming listings. So, while the current slow down may be small, I believe it’s real and will continue to a degree. Ultimately I think this is a good thing as hopefully, in time, it will take us closer to a balanced market. I come from, and like to follow a win-win mindset – i.e encourage situations where both parties win in a transaction. And it’s hard to find the win-win in such a strong sellers market.