September 5, 2011
Happy Labor Day!
Every year Summer’s last holiday brings it’s expected offering of cooler nights, shortened days, and pleasant colors. There is the strong element of change and an increased sense of urgency.
Our real estate market, in recent years, has seen activity levels increase with the late Summer change of seasons.
For Buyers, I think this time of year increases the need for direction and decision. There are several issues that might influence a late Summer buy or wait decision. Among those issues are: 1) Are market prices favorable? 2) Will financing rates remain low? 3) Will inventories stay high?
At this time, on Labor Day 2011, I believe only one of those issues should concern hopeful Buyers. Buyers should know that issue number three, a strong inventory, is a temporary advantage, especially in a market like the Lake Vermilion area market.
I know there are numerous Buyers with similar mindsets. They have searched. They have selected. They are watching. They are waiting. They are going to buy when the time is “right”. The greatest risk for these Buyers is not higher prices or higher interest rates. Their risk is that someone else will act first. Someone else will buy that cabin, home, or land on their list. The inventory will decrease by only one but it will be the one that was on their list.
A sense of urgency has been missing from the real estate market place for quite some time. A balanced market requires some degree of urgency. I know a touch of urgency would be a welcome addition for at least half of those in the market place.