Some folks claim the passing of Labor Day marks the beginning of the Fall Real Estate Market.
I think that stems (locally) from the fact that most grade schools have historically commenced classes on the first Tuesday of September . . . Somehow, the school systems have been inching their way towards a “Year-round” calendar, so school starts in the beginning of August.
Regardless, let’s just say that the Fall Market started this morning.
Does it feel any different than the “Summer Market?”
For sure, we had VERY active 2013 Winter and Spring markets this year posting sales statistics showing 20+% increases in units sold in virtually every sub-market of Middle Tennessee . . . and significant selling price increases.
The Summer market was good but wasn’t quite as exciting. The pace and volume tapered slightly leaving many professionals scratching their heads about what to expect from the Fall market.
Mortgage interest rates are ticking up (4.75%ish today), and the lack of inventory is squelching the number of houses sold because there aren’t enough houses available to keep the pace rolling.
So . . . Will sales continue to chug along?
Is the momentum from Winter through Spring through Summer enough to carry us forth and into 2014?
A betting man, I am not . . . but if I were, I’d advise against counting your chickens just yet.
My “Expert Suspicion” is that we’re heading into a dip.
DO NOT PANIC!
This dip might feel like the END . . . The sky is NOT falling . . . We’re just about to experience yet another market shift as we slide into some inflationary discomfort.
These will be in the form of “growing pains,” and once again, we become pioneers in uncharted territory.
I believe we professionals will have to CREATE this Fall market from the smoldering embers of the first half of the year.
We’ll do this one sale at a time, and we will likely have to work HARD. These deals will get more and more difficult.
Those who succeed in this new environment will be the ones who keep an ear to the ground and stay tuned to all of the economic, social, and political (Local, Regional, National, Global) happenings and are able to “bring it real” as it all relates to the pulse of their local market.
Niche specialty with a keen understanding of all of the other moving parts of our environment will be essential.
This will NOT be a market for the feint of heart . . . or the casual slacker/hacker.
How do we create something magical out all of this?
Person-to-person, Belly-to-belly. relationship oriented community building networking will be the magic brew . . .
and we REALTORS will be the BrewMasters.
I can’t wait to see what we create in the next 4 months 🙂
Are you IN?
Let’s DO THIS!