If you are keeping a pulse on the real estate market, I am sure you know that it is no secret that the market is slowing down just a bit then was the market craze we experienced over the last 2 years. Having said that … if you are a seller and thinking of selling your home – there still is no better time than now! If that is your plan – it is important to keep the following in mind …
Due to the lack of inventory, we have been experiencing, home prices are still appreciating, but just at a much slower pace. Now with the current rise in mortgage interest rates, homes are staying on the market longer (days on market increases) which creates less of a buyer demand which is why we are seeing this “shift in the market.” which is why, pricing your home correctly on “Day 1” is so important in this market!
We are getting back to basics – getting back to a more “normal market” if you will. No longer can we “price ahead of the market” and then expect to get at or over that asking price in many cases. The risk you bear for over-pricing a home in this shifting market is “time & money.” Don’t get me wrong – it is still very much a seller’s market – if we are to be successful in this market, we have to accept the fact that the market is changing, and we need to adjust our expectations along with that change.
While interest rates are rising, although tweaked downward a little bit over the last week or so – this affects the market on both the buyer and seller side. So, I go back to my favorite saying … we only know what we know now….
First step, speak to a trusted Real Estate Advisor (that would be me 🙂 to discuss what your real estate goals are, and have prepared a Comparative Market Analysis on your home to see what your current home’s value is worth. If at that time, it is your desire to place your home on the market, having decided to “make the move” – my best advice to you would be this … Homes that are priced well will sell quickly. Pricing your home at market value based upon current market conditions will attract a larger buyer pool that could ultimately net you a higher price. Pricing your home correctly on “Day 1” is critical, and in not doing so, you may find yourself “chasing the market” and ultimately netting less than you would have had you only priced it correctly to begin with.
Helping buyers and sellers achieve their real estate goals