Hello everyone and Welcome to another
episode of Selling Greenville your
favorite real estate podcast here in
Greenville South Carolina and I am your
host as always Stan McCune realtor right
here in the Greenville area of South
Carolina, you can find all of my contact
information in the show notes SL show
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thank you as always for listening
this is actually my first podcast that
I'm recording in the month of September
even though I've been releasing content
that was all recorded in the month of
August because I knew that it was going
to be just my life is going to be
crazy I'm in the process of moving I'm
staying in the upstate of course I'm
just relocating from the Greer area to
to the Greenville area it still
staying within Greenville County but
a little bit more Central to
everything that I need to do everywhere
that I need to get to and also we're
going from a15 acre lot to a 1.5 acre
lot so literally basically a 10 times
larger lot which will give us more space
but also a whole lot more yard work
so I've already had to purchase a ride
on mower for the first time in my life
so lots of exciting things happening
I'm in the throws and process of moving
which is not something that I enjoy I
pity all of you that are listening to
this podcast that have moved recently
because I am like I said in the throws
of it it's probably like out of all of
the things that I have to do in life
moving is probably my least favorite
thing to do I'm not even joking I
absolutely hate to move I've done it now
five times in my life and I've helped
other people move as well every time
I do not enjoy it like every time I hate
every process every aspect of it so
this will be the first time that I'm
actually hiring m movers because I think
that that will assist with the process
shout out to Swamp Rabbit moving that
is who I intend to use for for our move
this year we have a lot of good
movers in the area I've heard the best
things about Swamp Rabbit moving so
we'll see we'll see how good they end
up being and perhaps I'll give some
feedback on that a little bit later but
today I want to talk about what the
market is doing because I have
definitely personally seen a major shift
at we have gone from the August Market
what the market was like in August to
now what the market is like in September
now this shouldn't come as a huge
surprise because there is always a shift
that happens when you transition from
Summer into Fall by the time people get
to fall there's a lot fewer moves
happening people typically are wanting
to stay within the the same school
district right their kids are already in
school they certainly don't want to
go far away from you know move far away
from wherever the kids schools are going
to be and you also just have the
standard people just kind of buckling
down for okay we're we're entering kind
of this pseudo holiday season yeah it's
still still early but Costco you go to
Costco it is not early there they are
full-blown selling Christmas stuff I
mean they've already gone past Halloween
we're already like past Halloween in
Costco holiday time which is which is
crazy Costco you know I I don't know how
they they figure their algorithm for
when they sell these holiday things but
it is already Christmas time if you
go there and I refuse to to purchase
Christmas things at this time of year
but apparently Costco Shoppers are
thinking you know several months
ahead when it comes to holiday shopping
so God bless them that is not me all
that to be said I I don't know where all
that came from that is not I have no
notes for the show so I may be just just
rambling a little bit here really my
primary thing that I want to talk about
is the shift in the market that we've
been monitoring this every month
obviously what we've been seeing with
what's happening you know with with
mortgage rates increasingly climbing
higher and higher and higher we've seen
demand cooling off and we've seen
that result in an increase in Supply now
last month I noted that we saw a an
interesting Trend where new listings
went from increasing majorly to we saw
new listings decrease for the month of
July remember when I'm I'm looking at
statistics I don't obviously have
September statistics yet because
September we're we're in the middle of
it I'm recording this on September 19th
we don't yet know exactly what the
numbers for the month of September are
going to be so we have to look at the
month before so last month when we
talked about this in the month of August
I was looking at July July had a an and
this might be slightly different from
what we looked at because these numbers
do get slightly revised but July new
listings were down
2.9% year on year so versus July 2021
this year's numbers the new listings
were down
2.9% and as I noted at that time that
indicates that the market is adjusting
for the lower lower demand and so
people are seeing okay demand is slowing
down and so fewer people are listing
their houses and so what the result of
that could be is that we don't see a
complete bottoming out of the market
we don't see a complete flip from
sellers Market to buyer Market I I've
been saying this whole time I don't
really anticipate that flip happening
at least not overnight absent some
kind of major economic event happening
but we are expecting and I am expecting
to see a gradual slowdown and that's
exactly what's happening that's what's
been happening and and the numbers
further support this my own personal
business further supports this now I
have for the month of September eight
closings I didn't get that could you try
again thank you Siri I appreciate
that Siri said that she couldn't get
that and I that was my Apple watch
going off I thought I had everything
silenced I guess not not my Apple watch
I have eight closings for the month
of September which is a lot of closings
I mean let's just be honest as a realtor
sometimes I I have months where I don't
have any closings like that that does
happen if just things just time out in
just the right way absolutely there can
be months where I don't technically make
a single dollar this is just what
it's like being a realtor this month of
September if everything pans out the way
it's supposed to I will end it I will
have ended up with eight closing so
that for me is a very good month the
average realtor doesn't even have eight
closings in an entire year the
average obviously it's that averages are
very topheavy and very bottom heavy at
the same time all right so all of that
to be said it's a busy month for me but
I'm looking at the pipeline and I'm
seeing okay I think for sure I'm going
to see a major slowdown in the fourth
quarter of this year and and that's
that's where we're heading my business
is heading for a major slowdown fourth
quarter of this year I'm okay with that
I am 100% okay with that eight
closings in a single month is a lot of
closings that's at least the way my
business currently is structured that's
not really a sustainable pace for me
and I've been knowing that this slowdown
was happening and so I've been preparing
accordingly I'm I'm ready for it and I
think that a lot of my buyer clients
particularly my investor clients are
positioned to really benefit from this
slowdown when we actually see the net
result of it from this slowdown actually
happening now up until this this month I
had not personally seen like a major
dramatic impact from the changing Market
but now I'm starting to see it and
here's how personally I'm starting to
see it I have a listing right now it's
actually a property that I'm selling
it's a town home it's a property that
I own I'm trying to trying to sell it at
least that's plan A as you guys know
with all of my investment properties I
have multiple exit strategies so if I
can't sell it for what I'm looking for I
have multiple backup plans for what I'm
going to do with that property but
plan a was to sell it I listed it on the
market in August we had multiple offers
multiple very good offers it was
honestly kind of a kind of a coin flip
on which one I was going to accept I
ended up accepting an offer with an
agent that I trusted okay there were
here's what happens this is a property
that was listed for below $200,000 which
is well below the median price point
right now in Greenville County here's
what happens when you sell a house well
below the median price point in
Greenville County you get a lot of
buyers agents that don't know what
they're doing you get a lot of firsttime
home buyers that also don't really
understand what they're doing in terms
of of purchasing and purchasing homes
maybe they they barely have enough money
to get pre-approved anyway way there's
just a a lot of things that happen so
it's always more difficult to sell a
cheap property than it is to sell a more
expensive property every aspect is
easier with a more expensive property
you have typically better agents
representing buyers for the more
expensive properties you have buyers
that have more money you have buyers
that have more experience and really
the only the only more challenging thing
at higher price points is that the
buyers are going to be pickier about
some things but to be completely honest
buyers on the cheaper end of the
spectrthey are also picky so to me
it's kind of a wash obviously just
from a strict commission standpoint any
agent prefers to be working on more
expensive properties listing more
expensive properties working with buyers
that are looking at more expensive
properties that's just common sense
right but from a sheer work perspective
it's a whole lot more work for everyone
on the cheaper end of the
spectrokay now with all of that in
the background I had to decide between
essentially three offers that were
roughly equivalent at the end of the day
and the one I went with was the one that
had a buyer agent that I trusted the
most out of the three the one off one
of the three offers was an agent that
I've actually known this person since
school and by school I mean Bob Jones
when I went to college at Bob Jones I've
known this person since then we
overlapped several years at Bob Jones
University he did not seem like he
knew what he was doing just quite
frankly he sent the initial offer on the
wrong offer form ignored all of my notes
that said here's what to here's how to
here are some of the things to write
into the offer like there's some basic
things in terms of address mailing
addresses and things like that that are
important now of how the the due
diligence and termination fee aspect
of the contract has changed which we've
talked about on previous episodes and
anyway he ignored all of that there
were some other things about the offer
that kind of wasn't strong I wasn't
really happy about another offer that
came in was way above the the list
price but the buyer had like every way
to get out of the contract if they
wanted to they could have gotten out you
know scotf free during the the due
diligence period if they wanted to they
had appraisal contingencies all every
single contingency besides the home sale
contingency so every single way that
they could have basically gotten out of
the contract or renegotiated it and to
me it was just like yeah you tried to
wow me with like this really high
purchase price but then you have you're
just going to end up kind of weaseling
your way out of this most likely and
so I I went with an offer that was a
strong offer in a lot of different ways
and and I liked the buyer's agent
unfortunately that buyer's agent
failed me which I'm disappointed
about and it and I I don't you know we
as agents we can't control everything
and I and I don't think that she was
trying to pull the wo over my it's a lot
of work for a buyer's agent to have a
contract fall through but this one we
went through everything we went through
inspections appraisals repairs all of
that stuff was completed and then 30
days after we'd gone under contract I
got that phone call and and that's one
of those gut punch moments when you see
the phone call when there's not anything
that is needing to be done right we're
we're basically done with everything
we're waiting until closing and I get a
phone call from the agent for the other
party I 99% of the time something is
wrong and sure enough it was the
phone call to say hey the
pre-approval letter had the bank
issued a bad pre-approval the buyer does
not have enough funds in reserve their
debt to income is too high they can't
qualify for financing and that it was
a situation where it it was kind of the
worst case scenario because they had a
financing contingency in there so I I
couldn't even go after the earnest money
in in this instance because they're
protected by that financing contingency
now if I really really wanted to I
probably could have gone after the
earnest money on the basis that I have a
hunch that this buyer misrepresented
something to the bank that they were
pre-approved with because they needed
far too much money in cash reserves for
them to have accurately represented
things to to the lender but at the
end of the day the difficulty that it
would have been to try to get that it
was like I think it was like $1,500 or
$2,000 the difficulty that it would have
been for me to try to get that earnest
money was not worth it and during that
time you can't relist the property
because you're still technically under
contract and so I just let let them go
relisted it and I remember in August
multiple offers on the property I relist
it in the month of September a little
more than a week ago at this point and
we're getting showings we have not
gotten offers yet now we I've had a
few verbal offers come in that I've just
said hey no I'm not I'm not ready to
accept that you know e either below list
price or whatever the case may be and
we're getting plenty of interest but
it's it's a different market now we have
seen a major that that's a a major
switch going from multiple offerss in
August to now a week and a half and and
no offers outside of verbal offers in
the month of September and what a lot of
people are giving me feedback on is that
their buyers kind of just started the
search and they're not yet ready to
actually make an offer what does that
tell me that tells me there are other
fish in the sea for them they have other
properties that they are looking at and
this is what happens we have a lot more
Supply now than we did even just a month
ago and so now buyers have a lot more
options and they're not panicking
they're not making Panic purchases
they're not immediately saying okay this
came back on the market I need to I need
to purchase this I need to make an
offer right away they're they're now
able to take their time a little bit
more whereas in the past it was okay my
options are limited particularly when
you got to that below $200,000 price
point they would say man my options
are limited have to go under contract
right away or else there's going to be a
problem now for me I'm not panicking
this is what the market is supposed
to be doing we are supposed to be seeing
this kind of slowdown I'm glad that
honestly that this is my property
versus a listing for one of my clients I
could you know it's it's incredibly
frustrating
to have this type of thing happen but
for me I'm okay with it it I I do
this for a living right I I buy and sell
and list and help buy our clients
sell real estate for a living I
understand the process it does not it
did not and it does not Shock me that
here I am with this property that a that
it came back on the market condos and
town homes disproportionately fall
through more so than other contracts
contracts on on town homes and condos
so it did not surprise me that it fell
through I I did everything I could to
avoid that but sometimes that just
happens you you can't account for like I
said for a buyer potentially having
misinformed their lender when they they
filled out their lender's questionnaire
hiding something on there or whatever
the case may be that they thought they
could get away with you you can't
account for all of those things there's
just no way to eliminate those things
from the equation
and so long story short I personally
I'm I'm I'm not panicking the the
property either it will sell for a price
that I want it to sell for or I'm just
going to use it as a rental in one form
or another but either way it has been
a very eye-opening experience that's
like okay in just a 4-week period of
time we have seen the market really
really changed quite a bit and we have
the
GJ g wow that sounded weird GG AR the
greater Greenville Association realtor
Market stats for for this month which
covers the up to the month of August we
had those stats and these stats also
bear out these changes happening because
I have kind of rambled for a little
bit here I'm not going to spend as much
time on these as I normally would I'm
just going to hit a few highlights here
so new listings remember for the month
of July they were down year on-ear now
for August they went actually up a
little bit now did they go up to the
level that they had in those earlier
months this year May June where they
were up like a lot no but it was still
up quite a bit it was up 5.5% year
on-ear for the month of August that's a
big increase that's actually the fourth
largest increase year onye in in the
entire calendar year so you let's see
here the month of May was up 12.4% and
June was up 18.3% year on so those are
the months that I referenced were like a
lot and that what was the result of that
was that sellers were seeing okay
interest rates are going up we need to
perhaps list our home more quickly than
we normally would because we need to get
this sold be before our home potentially
loses value or or potentially we're no
longer in a sell Market that's that's
what people people were Panic lisening
during those during those months the
last time we saw an increase over 5%
year- on-year for new listings was
September of 2021 which saw a
6.3% year- on-year increase so for
August to have a 5.5% increase year-
on-year for new listings that's a big
number I'm not sure what the reason for
that number is the only thing that I
can think is that again people saying we
need to do this now before the fall
slowdown happens and so perhaps for
the month of September we will see
listings new listings dive off
that is kind of what I'm expecting kind
of what I'm seeing I'm seeing a lot
fewer new listings than than what we
saw in August so I'm thinking that
September new listings are going to be
down quite a bit people are going to
readjust things I I think we saw some
Peaks and we're going to see some
valleys in new listings that are kind of
not the norm and so I I think as
we're entering into this the slower
season what's normally the seasonal
slower season I think it's going to be
very slow is is kind of what I'm anti
ating and and slow on both fronts both
on new listings and on on people
making purchases that's what I
anticipate pending sales again as I
always say this is account of
properties on which offers have been
accepted in a given month and for some
reason it's always wrong for for the
most recent month so I'm not going to
look at the pending sales for the month
of August I am going to look at the
month of July which pending sales were
down the biggest decrease year on-ear
that we've had the past calendar year
they were down minus
14.5% Year on-year from July 2021 which
saw 1,533 pending sales through July
2022 which saw again that minus
14.5% de or 14.5% decrease down to
1,310 which is also the least number of
pending sales that we've seen since
January and December with which is
you know that's that's a a big decrease
January and December tend to be two
of our slowest months July typically
is one of the busier months so that that
obviously again indicative that we're
seeing a major slowdown now what's
interesting is when we look at close
sales for the month of August you would
anticipate if pending sales in July
were down as as far as they were that
closed sales for the month of August
would be down quite a bit as well but
actually close sales were up0 5% not 5%
0.5% and so still a strong month for
the month of August for closed sales so
what I'm guessing is that those those
that decrease in July pending sales
what we're going to see the the impact
from that is probably going to impact us
more in the month of September so we'll
have to see I I'm I'm guessing that
close sales for the month of September
are going going to be substantially
lower than what we saw in September of
2021 that's something that we'll have to
track and
see days on Market until
sale exactly the same you're on your 21
days this is the first time in a very
long time that we have seen a flatline
year onye of the days on Market until
sale now that's a product of a few
things one is that it really can't go
much lower than 21 days right the the
lowest that we have ever seen on this
graph is 18 days so we're still
historically extremely low but also I
think that we we will for sure start to
see this number go up it's going to go
up that is what we can expect as we
go into this slower holiday season
slower fall winter season the the
days on Market until sale it's going to
create up from 21 probably in the
upcoming months we'll see it go back
into the 30s that is that's normal
it's never been in in these low 20
numbers until just recently and so so
I I expect that number to go up and and
that's good that's good for buyers right
we we these multiple offer situations
are stressful for everyone is stressful
when when homes go off the market right
away you have situations where it's
not even good for sellers sometimes you
get because you get all these all these
offers that come in and it's hard to
know who's really serious or who is just
making a panic purchase Panic purchases
are not good I had a contract that
that fell through just recently that was
a a panic offer and then the the
buyer immediately had buyer remorse now
we did in that instance get their
termination fee so that was good but
it was frustrating nonetheless that we
had a a panic purchase it's better if
buyers have had time to look at the
property had time to think about it
assess their options and then decide you
know what I do want this property I I'm
I'm not making a rash decision I'm not
making a panic decision no I want this
property that is the better scenario
than the alternative of they have to
make a quick decision and then sometimes
they they make a decision that they
regret media sales price median sales
price is the lowest that it has
been since April of 2022 does that mean
prices are going down you will see
some headlines right now that say that
I'm not I'm not ready to say that
okay and here's why first off year
on-ear it was up 14.8% that's still
incredibly high so in August of 20121
our median sales price was 270,000 in
August of 2022 it was 310,000 so that is
what you kind of expect or that's the
the dividing line that's basically it's
not technically the average it's the
median but we look at the median tends
to be a more accurate number 310,000 is
right now your average roughly speaking
home sale in Greenville County now if
you want the true average the true
average is is
$370,000 technically it's
370618 which that was a 12.8%
increase year on-year but again
that's that's skewed by properties
at the very top of the market properties
that are selling for you know a million
1.2 million Etc so we look at the
median 310 that's the number that I'm
going to be telling people when they ask
me hey what's the average price point in
Greenville right now 310,000
so that was up year on-ear
14.8% the reason why I'm not looking at
this and saying oh it's down month on
month or we're seeing a decrease month
on month right because May was 317,000
June was 312,000 July was 317,000 and
now August 310,000 this is normal if you
look if if you were to look at the
Historical graph for this it is normal
for there to just be seasonal
fluctuations now what we typically see
is even with those seasonal fluctuations
from January of one year to January of
the next year we have seen an increase
and so the fluctuations result in a net
increase over a 12-month period of time
but it's not uncommon for us to see you
know perhaps even that there are some
years like I'm looking at
2018 our graph from 2018 it was
hovering right around
$200,000 so from let's see here what
month is this it's hard for me to tell
because I'm I'm just looking at dots
April of of 2018 I believe it April
of 2018 the median sales price was
200,000 it climbed up into the 220s and
then dropped back down by the end of the
year by I believe this is November it
dropped back down in November to
$200,000 so you would say oh wow okay so
we had a decrease from the summer into
into the winter season no that's a
seasonal fluctuation these these these
things happen there's a variety of
reasons for why those things happen one
of them is that those more expensive
properties tend to not sell as much they
tend to not list as much or sell as much
during the winter for a variety of
reasons a lot of the most expensive
properties are vacation homes people are
oftentimes using their vacation homes
during the winter and so they tend to
not sell them during that time so
there's there's a lot of different
considerations when it comes to that I'm
not looking at this number even though
it's technically a month-on-month
decrease unless it's a dramatic decrease
which this is not because this is
essentially it's it's only $7,000
less than what last month was and when
you're talking about properties in the
$300,000 range $7,000 is not a lot of
money and again we have the year- on-ear
14.8% increase now that number is a
lot lower than what we've seen that's
the lowest year on-year
increase until since October 2021
so here is a significant thing is that
we are seeing the year on-year slow down
a little bit and so that's good we
need to see that hopefully inflation
will start to get a little bit more
under control and as inflation gets a
little bit more under control housing
inflation which we also call
appreciation will we we we call it
appreciation but when it's going up by
20% that's an inflationary type of
appreciation it's not healthy really
I think we need to see this number get
below 10 % I think that that would be
good for the market as a whole so
we'll have to keep tracking that
another number that really jumps off the
screen the percent of list price
received which is the percentage found
when dividing a property sales price by
its most recent list price then taking
the average for all properties sold in a
given month and here's a key phrase not
accounting for seller concessions and
and another key phrase was the most
recent list price so so this percent of
list price received is is not accounting
for whether a house has dropped its
price at any point and it's also not
accounting for any seller concessions
well I've got news for you recently we
have had a lot more price drops and a
lot more seller concessions than we have
had in the past two years really
and so this number is already going to
be skewed we we would expect this number
to still be very high but even the
highness of the number is not going to
compare to previous months very well the
previous months that were well over 100%
of list price received were even higher
than that when you looked at
historically because there were
basically no no seller concessions and
basically no price changes well for the
month of August we saw it dip below 100%
for the first time since the month of
October 2021 October tends to be a
buyer friendly month for a variety of
reasons that we've talked about in
the past but that decreased to 99 .5%
which was the percent of list price
received so on average a listing that
sold received
99.5% of what it was listed for in the
month of August that is a massive
decrease year- on-year from the 100.6%
that we saw in August of 2021 that is
down
1.1% we haven't seen that number go
down by that much in quite some time
so that is a big indicator of the market
shifting now 99.5% historically still
very high what we expected to what we
expect to see in order for the market to
be closer to what it was back in you
know pre pre pandemic we'll just say
would be for that number to be closer to
98% so we will keep tracking that
housing affordability index that one
got a little a little bit better we saw
housing affordability go from 75 to
76 that's good that has housing
affordability index measures housing
affordability for the
region and I'm just reading this off
of the GG sheet for example an index of
120 means the median household income is
120% of what is necessary to qualify for
the median priced home under prevailing
interest rates a higher number means
greater affordability 76 is still very
low I was looking at I was looking at
this very number for I believe it was
Minneapolis and these numbers are way
higher in Minneapolis in other words
Minneapolis is a a lot more affordable
for its residents than Greenville is
which is very which was very interesting
for me to see CU they their
Association Realtors produces a chart
very similar to this one so 76 is
very low I hope I hope that that
number goes up a bit without you know
people's home values completely tanking
inventory of homes for sale okay
so this is where we start to see some
other numbers that pop off the screen
June was up 4
42.6% so again this is Supply measuring
Supply June was up 42.6% July was up
42.6% again year on-ear August was up
77.8% year on-ear so that this is the
number of properties available for sale
inactive status at the end of a given
month
77.8% increase August 2022 versus August
2021 again this is the major major
indicator of of all indicators that
the market is Shifting is when we see
Supply going up so it's at
3,772 for the month of August versus
2,121 for the month of August 2021
massive increase massive increase now is
that how does that compare to the Past
still very low still very low pre
pandemic we were we were in the the
4000s now it was the low 4,000 so we're
not very far away from that we could see
us hit pre pandemic levels as as
early as this month in fact I kind of am
anticipating that that's what's going to
happen but what's weird about this and
I've mentioned this in the past is how
much of this is fueled by new
construction I just ran the numbers
on what is currently in active status as
of right now September 19th 2022 and
48% of active listings are new
construction in MLS that is insane so
people that are not wanting new
construction which is a lot more
people than than you might
think they are are still seeing only
half of these numbers basically are
resale homes so I I do think we have to
take that into account I don't know
historically what what the standards
were for active inventory how much of
that was resale versus new construction
I'm sure there's a way that I can pull
that maybe that'll be a future episode
but right now it seems like it's way out
of whack and so inventory for resales is
still in my opinion probably
historically quite low in comparison to
what it's been in the past month
supply of inventory again this is the
number that's pegged to the pending sale
number so we're not going to look at
August but July we finally saw it go
above two months it went up to 2.1
months inventory that's a 50%
year-on-year increase from July
2021 this number I expect to see
creep into the threes very soon okay as
we enter the the seasonal slowdown
unless new listings really drop off
we should anticipate that month supply
of inventory will in our area creep up
into into the probably the mid twos
first and then eventually maybe even
before the end of the year but for sure
I Believe by the beginning of 2023 we'll
see this number in the threes that
number once we get into 3 months supply
of inventory now we're starting to look
at again pre pandemic
levels of inventory it's going to feel a
lot slower but it's still going to be a
sellers Market okay it will still be a
sellers Market unless we start to see
month supply get into the five six seven
month range only then will we truly be
able to say okay this Market might be
flipping back to a buyer Market as I'm
looking on on the historical numbers
really we didn't see it in in buyer
Market territory until it really hit hit
the six-month level and that's kind of
the conventional wisdom as well now now
some of you might be looking at some
stats some some I believe it's
case Schiller different statistics like
that that would indicate that we we're
nationally at like8 n months inventory
these inventory numbers are measured in
different ways and so you you have to
really look at it historically compare
it to the historical and and that
will tell you more than anything like if
I say six months inventory is when we
start to see it go into a buyer Market
you might be looking at some of these
National numbers and be like well we're
already well past six months inventory
okay this is again this is a Greenville
podcast and everything that I'm saying
is based on the Greenville Market it
does not apply necessarily nationally
it also is not Apples to Apples
everything that I'm saying to any
other Market as well so specifically
for Greenville we if we see that number
St to approach 6 months inventory that's
when we'll know that the market is
starting to to really shift
dramatically but right now we're far
away from there right now we're still in
the twos I'd be surprised if we're
not still in the twos for the month of
of August once those numbers get revised
after this month and perhaps like I
said before the end of the year we might
see it get into the 3month range
or exceed the 3-month range we'll just
have to wait and see we have already
run long on this podcast so I'm going to
cut it off there obviously I could keep
going you guys know I can keep going
with these numbers all day but I
think you get a sense Market is for sure
shifting we're seeing some some big
changes I will say this in conclusion
I had someone contact me on
Saturday looking to sell a property
potentially and what I told this person
that we had the discussion of what's the
market going to do is is now a good time
to sell or should we wait until later
I am not a fan of trying to wait
until later that is saying that you're
trying to time the market and we don't
know what the Market's going to do if I
had to guess I would guess the market is
as we've indicated going to Trend more
in the buyer Direction so people that
are looking to sell I do not try to
to time the market and try to find you
know okay maybe it's going to be better
maybe things are going to pick up maybe
I should wait until spring spring is a
better time to sell we don't we might be
in recession come spring we have no idea
what's going to happen six months from
now so don't try to time the market I
also as a buyer I don't recommend
that buyers try to do that either
although if you're a buyer I I feel
better from a buyer perspective simply
from the standpoint of home prices
probably kind of flatlining a little bit
but you're also going to find all
indicators that that the FED is going
to increase rates and that mortgage
rates are going to continue to go up
they might
blow way past 6% we might I mean at
this point I'm not going to be surprised
if we see mortgage rates get into the
sevens at some point here in the next
six months and so if that happens it
might completely offset whatever
changes in affordability that we see in
the next six months or so so I'm not a
big fan of trying to time the market
when it comes to real estate because
real estate is impacted by so many
different things and generally speaking
those who try to time the market don't
don't end up with a good result so
that's my personal opinion I'm not an
investor I am an investor as you
guys know I I don't offer investment
advice okay I'm not a financial adviser
talk to your financial adviser about all
these things I can only tell you what
I think is going to happen in the real
estate world or what might happen in the
real estate world but for your specific
situation you need to talk to your
financial team your investment team
and then go from there all right thank
you guys for listening I appreciate it
all my contact information is in the
show notes rate review subscribe
download episodes all of those things
help the show and until then until next
week I hope you guys stay safe and we'll
talk again next time
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