Thoughts About the Summer Real Eesate Market

July 4th has come and gone. And June has felt like the good old real estate market days.

Buyer activity has been strong partly due to the fact that many buyers are facing deadlines
of finding a home before school starts in August/September. Others have finally seen their
home get an offer and now they are free to begin the purchase process of a new home.

The biggest problem buyers have is that there is a disconnect between the Buyer and the Seller.
When the Seller is realistic about his home's value, the fierce competition he faces and therefore prices his home competitively, he will get an offer.

Many buyers want to apply national averages to our market in Williamsburg and are frustrated
when that does not work. However, the buyers who are buying for whatever reason, are seeing
great opportunities. One home we know of that is currently being marketed, (we hope to put one of our buyer/clients in this home) has dropped from $875,000 to $669,000. All brick, on the golf course,brand new construction with all the bells and whistles. We just closed on another property with one of our clients and we found them a $667,000 oppourtunity for $475,000.

We have other great opportunities in Williamsburg, but we need for the buyers to get off of the fence and recognize that rates are good (6.3 %) and values are there with a decrease in list to sold prices from 7 % to 15%. Greed
can cause one to miss the stock market and in this case to miss the real estate market. Waiting too long and then looking back at the great buys others have made is not a good feeling.

Generally the great homes/buys will be gone by the fall with the hold outs still there.
Then we will wait to see what next year brings.

Our current buyers are very happy with their new homes.

Our sellers are relieved to be able to go on with their new lives and often are experiencing
great buys in the towns in which they relocate. Give a little here and get a little or a lot there.

We will see what July and August bring.

Our listings are selling, but not quickly. We know how to generate traffic but making the
buyers committ to a purchase can be challenging as they are taking their time, for better
or worse.

My Summer Real Estate Market thoughts!

Julia McNulty, GRI, ABR, SRES,
Associate Broker