When someone finds out we are real estate agents, the next question is often: “How is the market?” It is easy to answer with a generality, like good, decent, or slow, but today’s market is not that simple.
There are always different price ranges, property types, neighborhoods, financing conditions and risk factors to consider. But what is unusual about today’s market is how much buyer demand varies from one segment to another. Typically, the market has moved disparate property types in the same direction. For example, in 2022 nearly all properties were selling quickly. In 2009, most properties were struggling to sell. Of course there were still variations in those markets, but they were easier to understand because the story was more consistent. Today is different, and that context matters.
Some Markets Are Strong
Prime single-family homes are performing well when they are priced and presented correctly. We have seen this firsthand this year. Several of our single-family sales received multiple offers and sold significantly over the list price. That does not mean every home is flying off the market. It means good properties, in the strongest locations and when correctly priced, are attracting serious demand.
Some Markets Are More Cautious
Condos and multifamily properties are moving more slowly in many areas. For condos, affordability is a major factor, especially for first-time buyers who may be more sensitive to higher interest rates. Once buyers factor in HOA dues, insurance and property taxes, the total cost can become hard for some buyers to justify. That pressure is even more noticeable as many HOAs have been aggressively raising monthly dues to keep up with higher utility costs, insurance premiums and maintenance expenses. Even when the purchase price seems reasonable, the all-in monthly cost may not feel reasonable to the buyer.
For multifamily properties, the math is also more difficult. Higher interest rates directly impact cash flow and make investors compare the return against other investment options. Buyers are looking closely at financing costs, insurance, repairs, rents, vacancies, taxes and local rental housing regulations. If the numbers do not work, investors wait. That does not mean these properties are not selling. But buyers are more selective.
Fire-Zone Properties Are Different
Homes in high fire-risk areas undergo more scrutiny. Even when the home itself is beautiful and priced in line with current sales, buyers are thinking twice about insurance, risk, access and future resale. Some are still willing to move forward, but the questions are more serious. In these areas, the market is not only evaluating the house: it is evaluating the full ownership picture.
What This Means
This is why one person may hear that the market is strong while another is told it is not. Both can be true. Same city. Different market. For sellers, the danger is relying on the wrong market story. A strong single-family sale may not tell a condo seller much about their own buyer pool. A slower condo market may not tell a prime single-family seller much about their own demand. A sale in a low-risk area may not be the right comparison for a home in a high fire-risk location. The market that matters is the one in which your property is actually competing. For buyers, the same rules apply.
The Bottom Line
The market is not simply slow or strong right now. It depends on the property type, location, price range and risk. That is why context matters so much. In today’s market, broad advice is not enough. The best guidance is specific to the property.
Your Trusted Advisors,
Peter and Tregg
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