Tax Time?

Taxes

Well there really isn’t any question that the market is a tad bit slower right now than it was about a month ago. Sort of. When I say it’s slower now I mean on the listings that my buyers don’t want. The ones they do want are getting multiple offers still and are going over asking. Oh well!

The market here in Foster City is kind of sluggish right now if you ask me. The last time I measured it was on February 9 and at that time there were 15 single family homes on the market with 13 pending sales. Today there are 24 active single family homes listed and there are 9pending sales…the most lopsided ratio so far this year. To make things more interesting, only 4 of those pendings have sold since March 18. Less than one sale a week since then.

Condos/Townhouses have been doing a little better, with 40 active listings and 24 pending sales. Interestingly, 14 of them have sold since March 18…a little more than 3 a week.

Why the slowdown? I’m really not 100% sure, and each market in each year is always a little bit different, but it sure seems to me that as long as I’ve been doing this the market tends to slow down just a bit around tax time. I have no statistics that prove that but i sure have noticed it over the years. Even in the hottest of markets it’s felt a little slower right about now. I simply think that people visit their accountants, don’t always get the most happy news and pull in their horns a little bit. Especially if a portion of their savings is earmarked for down payment and now it’s discovered that the IRS is going to get a bit more than was expected?

I’m just guessing all that, but I’m sure not guessing about having this same experience over the years right about now. Usually it all seems to work it’s way out by the beginning of May and the market heats up again. Who knows about 2010. Maybe the rest of the year will be slower, who knows? I’m betting it won’t though…there’s still way too many people out looking for this to be a longer term trend. Just ask the buyers I’m working with!

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