The Hoffman Team Monthly Update - August 2016

My news app is on fire!

Mind boggling voter referendums, unprecedented and historic presidential runs and awful acts of violence at home and overseas. This past month has brought a whirlwind of astonishing current events almost daily. These incredible stories have incredibly high stakes for every walks of life. Inconceivable headlines, which seem to be bringing our country and the world right to history’s edge, seem to be happening more frequently and with regularity. Everyone is fully invested in what seems to be new terrain for all of us. I click on my news app with both apprehension and anticipation, ready to see what life changing event will appear in the headlines this hour. These times seem historic and momentous.

And while all this turmoil and change is in our midst, people ask me, casually but hesitantly, "So, how’s the real estate market?” And I have think … How is it?

It’s a lot like my news app, frankly. I hold my breath for the next turn, for the next big news and for the next historic event. Some facts haven’t changed — like the shadow inventory of new rental buildings and high-end new developments set to hit the market in next year or so. And on the other hand, some things continue to keep me guessing.

Many pundits are predicting a doom and gloom market, but the numbers at the open houses for smartly priced properties don’t say doom or gloom. These buyers are aggressive, and they are buying. Whatever happens this fall with the Fed or the election, and no matter what profound stories continue to roll in from overseas, I’ve learned in this market to stay focused on the here and now.

Whether it be the property my buyer is committed to buying or the apartment we’re strategically pricing, staying in the here and now drives out the noise and chatter of the pundits and my news app.

And things are happening that are positive for this market in the here and now.

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The Numbers:

July saw a dip in new listings down from 1,600 in June to 1,597 in July.

Two-bedroom listings were the only group to gain inventory. In July 73 new two-bedroom listings came to the market.

All other categories fell in inventory.