Is the real estate market about to crash? I’m going to tell you right now.

Hey everyone, this is David Brooke with the Brooke Group team at eXp Realty. I’m so excited to deliver our August market update. Before I get started, I need your help. Google reviews are such a focus for us right now and if we’ve served you and your community over the past several years since we’ve started, we love for you to go over to Google and give us a review. You can click here and help us out. Thank you so much for doing that.

 Okay. So now as we get started into August, we are looking back at our year and we have seen prices escalate more and more. We saw in our last few months that median sales prices in the state of Connecticut reached a Zenith point of $339,000. And now all of a sudden, we’re starting to see those numbers start to tip a little bit. Not much, but just about one to two percent. People are asking the question, is the real estate market about to crash? No, it’s not. Here’s what’s actually happening: buyers and sellers are coming more aligned into that typical cyclical nature that real estate has always been where all of a sudden during August, people go away on vacation. They decide “you know what? We’ve already gotten our kids into the school systems. Let’s pause for another month or two”. Rates continue to remain low, and the FED has indicated to us that they are going to continue to buy mortgage-backed securities and keep those rates low. Supply as well is staying in step with itself and that it’s only about 2.4 months worth of inventory for the past two or three months.

This is telling us that there’s a stabilization that’s happening around the seller’s market atmosphere to continue to keep those properties moving quickly on the market, still under about two weeks or so but at the same point not going into the crazy frenzy that we saw months back. What that means for you as a buyer is you may be putting offers on properties and maybe there’s still two or three offers on the property, maybe a couple or more, but realistically, likely not. If you’re a seller, keep in mind though that this is still one of the best times, if not the best time that we’ve ever seen in the past decade in order to sell your property.

What else is happening in the real estate market? Well, Governor Lamont has lifted the moratorium on evictions. And so right now, we’re starting to see investors giving us a call in order to sell their property. If you have an investment property, you’ve been thinking about selling the investment property, but weren’t sure if it was such a good time to sell, this is the time! Give us a call. All you need to do is reach out. You can always find us online at www.brookegrouprealestate.com, or on Facebook and Instagram.