Interesting dynamics we noticed over past weeks.
Observation one. Quite a number of properties that have been on the market for a while have been sold.
Observation two. Some owners updated us with price increase. The price increase was observed mainly in mid range properties, and also, the ones that have been on the market for quite a while.
What does it mean? The market is definitely becoming more healthy and rapidly recovering from aftershocks of COVID, there is more movement, more viewings and more sales happening this year than 2020 and 2021.
But does it really mean the prices going up? We would not be that overly optimistic. The realistic selling price seem to be stable still, while number of deals going up.
What about those that raised the price? We believe the reason for that is the increased interest on their properties from potential buyers, while sellers themselves are not emotionally prepared as of yet to part with their beloved homes. It may sound weird, but quite common for local sellers to keep their real estate up on the market at inflated price with little or no interest, in the hopes that there will be “that one buyer” that will take it, with no real intention to sell.
So, are the prices going up? We do not see it as of yet.
Is the window of opportunity for “covid price” closing? Very much so!
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