Here’s what sellers need to know about our shifting housing market.
Housing sales have fallen by over 20% in our market—are we heading for a crash? In my opinion, our market isn’t about to crash, but the data shows we are facing a major correction. What does this mean for our housing market, and is it still possible to get a great deal?
First, let's address why our market is correcting so dramatically. It turns out that interest rates matter more than many people thought. When rates increased by about 3% a few months ago, demand fell as a natural result.
"By selling now, you can secure a great deal and prepare for the future."
However, demand didn’t completely go away. Houses are still selling, just not at the breakneck pace they were before. Some sellers are struggling in this market because they’re holding out for last year’s prices. You can still get an amazing deal if you list your home now, but you need the right expectations. In my experience, home sales are mainly dipping because sellers ignore great offers from buyers to wait for something better.
Smart homeowners are taking great offers even if they aren’t as crazy as what they could have received a few months ago. The truth is that our market shift is here to stay for the time being. The longer you wait, the more you risk losing some of your equity. By selling now, you can secure a great deal and prepare for the future.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!