The question I’m getting on repeat: what’s happening with the housing market? I have many things to say on this so I will try to keep this post as short as I can!
The market is definitely shifting and it’s not what it was two years ago or even a year ago or even 2 months ago! (Keep reading to find out why this isn’t a bad thing!)
Interest rates are higher but still low in comparison to historical rates. Inventory is slowly but steadily rising as well, giving buyers more options. However we still hover around 2500 active homes and to put that in comparison, 2019 (which was still a phenomenal real estate year) we had over 4500 homes active at a time! We aren’t heading into a recession like some may think.
Homes are starting to sit on the market for more than a weekend and may not have multiple offers. So, what does this mean for you?
Buyers
If you have been wanting to buy, this is your moment!! Yes, interest rates are higher, but remember, they’re temporary if you want them to be. Refinancing is possible but home prices aren’t projected to go down! You have a little more time to make a decision. You have the chance to go see 3-4 houses on a Saturday morning instead of rushing out the door the moment one house goes live just to place an offer in a sea of other offers. Having an agent you trust on your side to walk you through the pros and cons of each home is so important right now.
Sellers
So if this is all good news for buyers, but is it doom and gloom for sellers? Surprisingly enough, no! Sellers only need to adjust their expectations.
The days of tossing a sign in your yard and leaving your dirty dishes in the sink when you list are over. (Crazy what sellers could get away with!) Sellers now more than ever need to have an agent on their side showing them how to prep their home for the market to ensure they get top dollar for their home.
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Everything has changed, except for one thing: having an agent you love representing you will continue to be one of the best decisions you can make!