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May 30th, 2018

May 30 2018
May 30 2018

Tales From The Trenches:  Every day I am seeing  more evidence that we are at the top of the real estate market – things like reasonably priced properties not receiving offers in their initial 2 week marketing period, deals falling out of contract, substantial price reductions and sellers accepting pre-emptive offers after just a few showings.

Does this mean that real estate prices are going up or down?

Well, in some price pockets, say single family homes in the $1M-$2M price range, prices are still modestly rising, while in other product classes – say high end condos over $3.5M , prices are definitively level or falling. The top of the market looks like a long air field landing strip, and it is often the home buyers who know first when its reached.

One thing is for sure, when the top is reached, the buyer's psychology changes dramatically…and quickly.

JD


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