As summer comes to an end, children go back to school, and the days start getting shorter – we often get calls from folks who are thinking of selling in the Spring asking us to stop by to consult with them about what does and does not need doing between now and then.
Well – in light of the current upheaval in the financial markets, our phones are ringing a little more frequently than normal. And we are happy that our clients consider us to be part of their “financial health team”.
We have set up consultations this week to discuss our clients’ short and long term plans and where real estate fits into those plans. We have advised several to stay where they are because their plans are not likely to be influenced by a normal real estate cycle. We have also advised some to move up their timetable. If you would benefit from this type of consultation, ring us at (703) 242-3975 and we’ll set up a time to visit.
Here’s what CEO Terry Belt had to say last week when a past client in Vienna inquired about meeting over Thanksgiving in anticipation of selling next Spring:
“To the extent that your plans for selling are certain, I recommend you go on the market before Spring – some time in late January or February. Homes sell faster and for more in recent years at that time because of less competition. I am particularly concerned about next Spring and Summer as I believe we are topped out in the current cycle and we are at the very beginning of a shift. The inventory in Vienna has almost doubled in the past 6 months, price appreciation has flattened, the contract price to list price ratio has deceased, days on market to sell has lengthened, and buyer/showing activity levels have decreased. The current market is still what I consider very healthy, but I do see changes coming and if interest rates nudge up and the stock market adjusts, I think the trends we are seeing here will not favor Sellers. Interestingly, Gary Keller, the chairman of our company, went on record yesterday predicting a national shift in the market that we will start to feel in the next 6-8 months and a full downturn within 2 years. He has predicted the last 3 housing cycles in advance very accurately.”
If you would like to speak to one of our Senior Listing Specialists about today’s market – call (703) 242-3975. We are happy to leverage the wisdom and experience we have gained in the previous downturns to YOUR benefit.