“I learned that we can do anything, but we can't do everything... at least not at the same time. So think of your priorities not in terms of what activities you do, but when you do them. Timing is everything.” - Dan Millman
By any name, this tell-tale indicator of an "S-M" (Seller’s Market) has been known to be just as painful for buyers as it sounds....until now. Perhaps the superheated real estate market is preparing to cool off a bit, although it could merely be settling in for a long winter’s nap. Pending home sales, a leading indicator of existing home sales over the following month or two declined for the second straight month in July. The National Association of Realtors (NAR) said those sales dipped 1.8% to a reading of 110.7 on its Pending Home Sale Index (PHSI).
“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist.
That said, inventory is slowly increasing, and home shoppers should begin to see more options in the coming months. Yun added, “Homes listed for sale are still garnering great interest, but the multiple, frenzied offers–sometimes double-digit bids on one property–have dissipated in most regions.” Even though the market has calmed, he pointed out that 27% of purchase offers did not contain appraisal and inspection contingencies in July.