The market is active. If a video tour is not feasible, the serious buyers are touring vacant properties, while the more casual buyers are searching online waiting for the SIP order to be removed and to see what happens in the market over the next 3-6 months. Real estate professionals know a surge of inventory will come on market after the SIP order is removed, but the question is will the buyers be out in droves similar to pre-SIP or will listings sit on the market longer. Deals are happening across all price ranges and at the lower range, it is more competitive with values not seeing a decline. At the higher end, say $3M+, we are seeing buyers willing to move forward if they can achieve a 5-10% discount.
CNBC segment with Compass’ Founder & CEO, Robert Reffkin