Selling Your House: A Market Update

The moment someone finds out that I'm a realtor, the first question out of their mouth is: "How's the market?" So for today's blog post, here's a market update for those who are curious.

Traffic

Showings have significantly slowed down for single family homes & condos (as they do every year in mid-summer), but what's interesting about this year is that they've slowed down at all price points, from $200,000 - $2,000,000. What is also interesting and a little different from previous years is that more buyers are interested in vacant land & building, even though building costs have skyrocketed (from materials to sub-contractors to design & more, all parts of the building process have gone up exponentially).

Buyer's Expectations

Buyer's expectations haven't changed, even though showings have slowed down. Buyer's still expect a home to look picture-perfect, so our advice to Sellers is to be sure to keep your home looking great!

Pricing

Prices in the area have continued to remain strong, however, with the slowing of showings, we are seeing a bit of a leveling off of the extreme Seller's market. There are certainly specific areas that continue to have a high demand (and always have, and probably always will). For the average home, we are seeing more of an equal playing field for both Buyers & Sellers.

Seller's Expectations

So here's the area that is seeing a big shift. For the past few years, we've seen a really strong Seller's market because our market has been so low on inventory. Now, we are seeing Buyers wait until they find the right home, verses jumping on any home just because it's either in the right neighborhood or the right price point. So Sellers that have been expecting multiple offers within the first few days are now being forced to wait, sometimes days, sometimes weeks & sometimes even months before seeing an offer.

What's Next?

Well, I don't have a crystal ball (If I did, I'd be playing the lottery!), but what I can say is this: if you're currently on the market, give it time, keep your home in great condition & showing-ready, and adjust your price if needed.

Future Sellers

What can help speed up the selling process? (This can be a whole blog post in itself). There are several tactics to speed up the sale: update your home - buyers want an updated home & you'll most likely love it while you live in it! Price your home according to the market, not what you want to net. Fix everything in advance of putting your hone on the market, leave no lingering projects. Lastly, clean your home - the drawers, cabinets, floors, windows, counters, appliances & every other nook & cranny in your home. Buyer's will notice the care you've taken of your home.

If you'd like to get the process started, are in the midst of the selling process, or trying to figure out if selling is even the right move for you, contact us today & we can schedule a meeting to evaluate your options.