Ok. It has happened. I think we have hit a ceiling with real estate prices in and around Lexington.
The market has slowed down a bit in the past few weeks. You can get a photographer or home inspector quicker than you can a neurosurgeon lately. Could be because 15% of the whole town is on vacation on any given week this summer. Could be more than a normal seasonal slowdown?
Slowing down isn’t a bad thing, so don’t freak out. This is kind of like when you are doing 100 MPH and slow down to 80.
I am starting to see more price reductions than I have in the past 6-8 months too. I don’t think that values for those houses have declined. I think that sellers were pushing prices higher and higher and buyers are pushing back a little now. Mr. Overly-Optimistic Seller, you won’t be getting above market value for your house.
It all reminds me of early 2013. That is when the market made a sudden shift from bad to good. For about 6 months there it seemed like houses were selling as soon as they hit the market and prices were going up for the first time in years. The market changed so fast it reminded me of being a kid on a swing and somebody giving you a swift push that causes you to hold on tight as your neck snaps backwards.
The rest of 2013, all of 2014 and 2015 were good markets, but less frenzied. Then early 2016 gets crazy again. It was the first time in my career of over 11 years that I waited in line to show houses. If the frenzy is over, that is one thing I won’t miss!