Here’s what I know about our fall real estate market.
It seems that everyone I have a conversation with lately is asking, “How are things going in real estate? Are things still crazy? How many kids do you have?” OK, that last one isn’t real estate-related, but I get it a lot. I have four kids, and yes, it’s crazy, but I love it.
Now let’s get back to the other questions. In my last #BOLDmarket video, I forecasted that we should start seeing a shift out of the feeding frenzy seller’s market that we’ve been seeing. That certainly seems to be the case.
Over the past two months, we have seen more homes listed than we did in the previous year. We have also seen buyers decide that they are not willing to overpay for those homes or get involved in multiple-offer situations. The combination of this has raised the average days on market and forced price changes on currently listed homes. This has allowed more buyers to be able to view homes and negotiate fair prices.
With a mild winter forecasted, new construction permits on the rise, interest rates continuing at record lows, and other factors, I predict we should see this trend continue. The key is everyone needs to adjust their expectations.
Sellers must understand that the days of getting obscene offers over list price have likely passed and that prices are stabilizing. I know pride can be a hard thing to swallow, but I promise I can still position your home in this market to sell quickly, for top dollar, and with less stress for you.
As far as buyers are concerned, we are not in a market where you can get huge discounts and ask for all of your closing costs to be paid. This is still a seller’s market, and that nice home you looked at last weekend will likely be sold by this weekend. Don’t wait to reach out to me because I’ll help you submit a fair offer that will get accepted.
If you are in the market and need some guidance, reach out to me via phone or email today. I can answer all of your questions, and we can discuss the strategies I have that can help you buy or sell.