Can the real estate market really turn on a dime? The short answer is yes. Supply and demand dictate real estate just like any other market. Turn on the spigot of homes for sale or tamper down the demand and you’ll see a marked reaction. Do both at the same time and you’ll see that dime spinning.
One more note, this typically happens at the micro-level long before market-wide trends occur. So, for example, the red hot East Bellevue market might shift in only one or two price brackets and that shift could be short-term (1 or 2 weeks) or long term.
Blink and you might miss it. But keep your eye on the ball and you can take advantage of temporary slowing in an otherwise hot market.
Information and statistics derived from Northwest Multiple Listing Service.