For homeowners thinking about selling their house, the news of the slowing housing market may cause concern. However, it’s important to remember that we are still in a sellers’ market. There is more demand than supply, so homes are still selling quickly.
We no longer saw fierce bidding wars and inflated prices just a few months ago. This is due to many factors, including inflation and higher interest rates. As a result, buyers are becoming more choosy and taking their time to find the right property. For home sellers, this means that it’s still possible to get a reasonable price for your home, but you may have to be more flexible on price and be willing to negotiate.
Homeowners looking to sell their houses may wonder if they’ve missed their chance to get a reasonable price for their homes. However, there is still good news – motivated buyers are still interested in purchasing homes. This blog post will outline three essential things sellers need to know about the current housing market.
1. Sellers need to be knowledgeable about what their home is worth in today’s market
“Homes priced right are selling very quickly, but homes priced too high deter prospective buyers.” ~ Lawrence Yun, Chief Economist at the National Association of Realtors (NAR)
If you aim to sell your house, be sure you’re working with your real estate agent to price it for today’s housing market. As buyer demand softens, it’s essential to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago.
Homeowners looking to sell their homes often mistake pricing their homes too high. While they may think they can get more money for their home by pricing it more elevated, this often backfires. Buyers are turned off by homes priced too high, so the house sits on the market for an extended time. This can be frustrating for homeowners, as they may feel like they will never sell their homes. Sometimes, homeowners may even end up selling their homes for less than they would have if they had priced them correctly. Therefore, homeowners need to price their homes correctly when they are looking to sell them.
2. Sellers need to be prepared to make necessary repairs and updates to their home before putting it on the market
Most homeowners want to get the best price when selling their homes. To do this, it is essential to ensure the house is in good condition before putting it on the market. This means taking care of any repairs that need to be made and ensuring that the home is up-to-date. Potential homeowners are looking for a home they can move into without making significant changes. By making the necessary repairs and updates before putting the house on the market, homeowners are more likely to get their asking price. In addition, homes that are in good condition tend to sell more quickly than homes that need work. Finally, most people do not want to deal with the hassle of making repairs after moving in. For these reasons, it is always best for homeowners to take care of any repairs or updates before listing their homes for sale.
3. Sellers should have realistic expectations about how long their home will take to sell and what they can expect to get for it.
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.” ~ Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic
If you’re ready to sell your house, seek the advice of a real estate professional. Sometimes, you’ll need to adjust your expectations to meet the market where it is today. For example, interest rates are rising, making it more difficult to find buyers. In addition, inflation fears are causing some people to put off buying a home until prices come down. As a result, homeowners may wonder how long it will take to sell their homes.
Higher interest rates and inflation can make selling a home harder. When interest rates rise, buyers have to pay more for their mortgages, which can price some people out of the market. Inflation can also make it harder to sell a home because it erodes the purchasing power of potential buyers. If people are worried that prices will continue to rise, they may be reluctant to buy a home, even if it is within their budget.
The current market conditions can be frustrating for homeowners looking to sell. However, it is still possible to find buyers if you are patient and willing to negotiate on price. Working with a real estate agent increases your chances of finding a buyer willing to pay a fair price for your home.
If you are considering selling your home, now is a great time. Contact us today, and we can help connect you with the resources you need to get started. Our agents have intimate knowledge of the local market and will be able to provide you with all the information you need about current buyer demand and prices.
We look forward to hearing from you!