Cervone Deegan + Associates knows well that in recent years buying and selling a home has been even more of an emotional undertaking with sellers astounded by selling for over asking and buyers either winning bids or disgruntled about being outbid. Just recently we have seen inflation pressures and mortgage rate spikes which have some buyers left confused if now is the right time to buy. The same thing goes for sellers who have been asking themselves if they missed the peak of the market. Here are some perspectives on the topic.
The Market Is Still Competitive
With rate increases and the overall temperature of the market cooling off a bit, it is important to put things into perspective. For a long time now we saw prices increase and rates at extreme lows where inventory was at only 1 month’s supply for years. By definition of a normal market, we should have closer to 6 months of supply. Inventory levels are still very low making for competitive market conditions.
Current Mortgage Rates Shouldn’t Scare Sellers
The market may be slowing a bit but homes are still selling relatively quickly and at asking price or more in some cases. Rising interest rates will have an effect on buying power for some but when demand is still as strong as it is prices will now cool from their quickly accelerating trend that we saw for so long.
Activity Is Slowing but Time Is Still of the Essence
These days the number of offers you may see on a property could be fewer than before and even the number of showings on a property too. However, there still are bidding wars transpiring so if you are looking to sell you may want to strike while the iron is still hot rather than waiting until later.
Sellers Should Showcase Their Homes
With less demand than before sellers should not be expecting that their home will sell in an hour with a dozen offers for over asking without even mopping the floor. Sellers should still take the sale of their home very seriously by getting it into absolutely perfect condition, staging it and pricing it correctly out of the gate for your best chance at success.