Opening Up Opportunities in a Competitive Market
Even with contingency plans in place, many buyers are putting their plans on hold while they wait out what the next few weeks could bring. At the same time, sellers are continuing to list their homes.“We’ve been seeing more of an increase in new listings over the past few weeks, which is providing more opportunities for buyers,” Pietig says.
But Pietig doesn’t expect this to be a permanent reprieve.
“In the grand scheme, this isn’t going to last forever,” Pietig says. “You could remove a third of the buyers from our market here, and we would still have a seller’s market. Right now we have pent-up demand from earlier this spring with some people deciding to hold off until they’re comfortable again. This will mean increased competition down the road.”
For the next few weeks, current buyers could find more options available in their price range, and score a deal while others are sitting out.
Buying in a Time of Uncertainty
One thing has not changed: It’s impossible to predict what the real estate market is going to do next. But that hasn’t stopped buyers from trying. Manning says over the course of his career, he’s found that homebuyers tend to move in groups.“What tends to happen is buyers get spooked and they all rush out together, and they all wait together,” Manning says. “They say they’re going to buy at the bottom – but they don’t know where the bottom is.”
Once prices appear to be moving up, all the buyers that were on the sidelines rush back in, Manning explains.
Competition – and home prices – end up right back where they started.
Pietig advises homebuyers to focus on their personal goals of wanting to own a home, and not worry about trying to time the market.
“If we look at things day to day, it’s not going to feel like the right time to buy,” Pietig says. “I would advise people to take a long-term approach and don’t get caught up with the short-term mindset.”
More importantly, stay positive as you navigate the new process with an agent.
“I know right now people could use a little nudge saying that it’s going to be okay,” Pietig says. “If you wake up each day and focus on the good in life, you’re going to be fine.”
Please consider The Myers Team your resource for all things real estate. We have over 30 years of real estate experience, specializing in the Montgomery County area. If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at bobmyersteam@gmail.com.
