Dear Monica: My house is on the market and we expected a good market response and even multiple offers. However the response has been disappointing and there has only been one offer so far and it wasn’t even full price. Is this a temporary market change or the start of a correction? John D.
Dear John: What you have described is being repeated in many area cities. It is too soon to tell if this is temporary situation or something more. Buyers are suffering buyer fatigue and are not as apt to jump on a property as soon as it comes on the market unless it is exceptional. Also each week there are more properties for them to choose from so they are not in a hurry to buy.
Add to this the recent rises in interest rates, the cap on deductibility of state and local taxes mandated by the tax changes of last December, and other economic factors, and the market pauses to adjust to them. You may have to either accept a lower offer or take your home off the market until next spring, in hopes the market will be better.