Gone!
The listing at 123 Milewood Road, Millbrook had 62 showings and 32 offers between Wednesday and Sunday. (scroll down for photos and video) In case you're wondering, that is over the top. Color me old fashioned, but I like to accompany showings, especially when frolicking in fairyland like I did with this cottage on five bucolic acres. I'm a die hard, but even for me that was an intense schedule of showings. Lost my voice a few times. Let's just say my clients got well above asking. Curious if I set another record. Regardless, my clients are happy.
2020 vs. 2021
I have noticed a shift in the city crowd this year. Pandemic fear was a driving force for 2020. This year with more and more vaccinated, I expected less relocations. Rather, it seems this period has provided a window for lifestyle introspection with desire for country as a way of life rather than a refuge from disease. While still heavy with the city crowd, I'm seeing more locals back in the market. With the current inventory shortage, the market feels even more heated in 2021 than 2020, particularly for houses in certain price points that are priced well and check coveted boxes.
Mortgaged Buyers
I just saw a continual flood of buyers in a packed schedule since Wednesday. While I am not knocking cash buyers for my seller clients, the tire marks on mortgaged buyers faces has gotten flat out disturbing. Buyers are worn down and I don't blame them. I take no pleasure having people on pins and needles waiting through the weekend for disappointment that their offer wasn't accepted. I knew by the multiple offers I was already holding that rolling 5% or 10% over ask was nowhere near where they needed to be. Mortgaged buyers have the appraisal to consider if excess liquidity to cover a potential appraisal gap isn't available. Mix that in with buyers practically whispering "mortgage" when asked what their financing is as though it's a dirty word. What has this market come to?
For those interested in obtaining a mortgage, I interviewed bank executives to share guidance on process and expectations. Click here to see this informative discussion: Getting a Mortgage - tips, considerations and process. See more empowering videos for buyers and sellers by checking out Sandi's channel here.
Crystal Ball
Every one of my seller clients has accepted my counsel and handled this market with grace in fair, albeit Covid adjusted, pricing. They have all fared quite well with noticeable (and in certain instances record setting) percentages over ask. Real estate has its ebbs and flows. While it generally trends, real estate has had moments of quick turn. Think back to little over a year ago. From shutdown to mayhem was a matter of a few weeks. My crystal ball prediction is overly aggressive pricing could find some sellers sitting on the market long enough for a turn into a buyers market. I don't think it's a matter of "if" something gives. While I believe the cause of projected turn will be multi-faceted, my bet is interest rates will at least be a part of it. We simply cannot sustain this trajectory. Sell while the going is good if you're interested in selling!
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Here's the house in Millbrook that was on and off the market this week:
Click on the address below for photos and full listing detail:
$287,000
This house is coming off the market before my videographer had a chance to come. I did a quick video that starts on the inside. The listing link above provides house detail and photos.
