Is It a Sellers Market Right Now?
Updated: Jan 23
When it comes to the real estate market, the question is always, “Is it a buyer’s or seller’s market right now?” The truth is, sometimes it’s a little bit of both. If you want to sell your home, you don’t always need to wait around for the market to be more in favor of the seller. And if you want to buy a home, you don’t necessarily need to wait until the market is in favor of the buyer.
Buyers May Want To Start Your Home Search Today
If you are trying to decide whether you should rent or buy your next home, there are a few things to consider. One of those things to consider to help you make that decision is if it’s a good time to buy a house (or not). You must consider today’s higher mortgage rates and home prices to make an informed decision. While many buyers are choosing to wait, serious home buyers are taking advantage of the growing number of homes coming up for sale.
It’s still a seller’s market because the potential home buyers outnumber the sellers. However, it’s not as imbalanced as you might think. Because mortgage rates have skyrocketed this year and caused homes to be less affordable for some, it resulted in fewer home sales. The houses are also taking longer to sell. Sellers are getting fewer offers this year than they were in 2021. This is causing the housing inventory to grow. However, the housing inventory growth is primarily due to homes staying on the market a bit longer. It’s good news for the buyers. More housing supply means you have more options if you are searching for a home.
Seller's Tips For Today’s Market
If you are planning to sell your home, now is a good time for the sellers. However, you may want to keep these tips in mind for today’s market:
Buyers are waiting on price reductions and will ignore a home perceived as overpriced. This is especially true of millennials and GenZ home buyers.
Meet with your real estate agent to come up with a pricing strategy. Keeping the above in mind, the agents and clients still use traditional methods to set the asking price. They will look up the prices of recent comparable sales, then make adjustments based on the home’s condition.
Be prepared for a price reduction. If you need to sell your home quickly because you need the proceeds to buy your next home, your best bet will be to price your home on the lower end of the range to gather enough buyer interest. Otherwise, it’s ok to go with your higher price initially. However, you will need to be prepared to reduce the price if the house is not selling in a timely manner. It may attract new buyers if the listing price suddenly falls within their budget.
You can get more for your home if you can eliminate the risk of costly repairs to the new buyer. Buyers do not want to buy homes that need a lot of work when they already have to pay higher mortgage prices. It may be best to hire an inspector to identify any issues that need to be repaired before you list your home. You can then rehire the appraiser to write a report after the repairs are made and share the report with potential buyers. This may ease the minds of the buyer, and they may be more willing to put out an offer quicker and be more inclined to pay a higher asking price.
Avoid bidding wars. One acceptable offer is all it takes. Since buyers are taking more time and being more choosey, you may not see as many offers as you would in previous years. You will still get one or two offers. The less competition a buyer has, the more willing they will be to put an offer on your home.
Whether you are a buyer or a seller this year, you will find your best results by working with a professional Realtor to guide you through the process. Contact us today, and we can discuss your real estate needs to get you started!