Quite a few of you have been asking me what effect the drought conditions are having on buyer and seller confidence in our local real estate market. In all honesty, buyer traffic has been high during the past few weeks. We tend to see a lull in activity in mid-July due to the heat and other activities that typically take place this time of year (i.e. Chicken Days and the Wayne County Fair). Nonetheless, showings have been consistent throughout the month of July, which is good news for sellers. The homes pictured below have become pending sales during the past two weeks.
|1021 1st Avenue|
|206 Wilcliff Drive|
|1407 Linden Street|
|408 Douglas Street|
As for the current weather conditions, it is hard to guess what effect the drought will have on the local market at this point. The most glaring hold up to purchasing homes during hot spells is simply the heat itself. Let's face it, who wants to move when it's 110 degrees in the shade? The distinctive "crunchiness" of the dried lawns around our homes this year is a little discouraging. In any given year, heat generally prohibits both buyer traffic and seller traffic. Psychologically speaking, the weather can significantly influence buyer confidence and the willingness to purchase homes because of the long-term impact it might have on our local economy. With a largely agricultural base, Wayne is positioned to be heavily affected by a prolonged drought and poor harvest. Water and energy concerns also factor into buyer decision making and can impact their interest in acreage properties and other properties with private well systems as well as homes that are not energy efficient. Planting shade trees and installing high efficiency air conditioners are important things to consider when trying to cut back on cooling bills. Many buyers today are requesting energy usage figures when they purchase a home of any shape or size.
For the time being, we will continue to look to the sky for precipitation in hopes that we can measure the next rainfall in inches rather than in drops. Whether you farm, work in construction, or have an office job, the prospect of rain can help all of our attitudes and improve our confidence in the local housing market.
As a side note, all of us at 1st Realty welcome everybody to Wayne this weekend for the Wayne County Fair, and we hope you take advantage of the cooler weather to enjoy the sights, sounds, and smells of the fair. Welcome Home.