If you don’t work in the real estate industry or you’re not following the market closely, you may not have noticed that the market has shifted. So, we wanted to bring you a quick update on why the market has shifted and how this impacts buyers and sellers.
There are three main reasons that the market has shifted recently.
- Interest rates increased from around 3% to around 6% in a matter of a few months.
- Home prices went up about 15% from Jan – May 2022.
- Inflation is at record levels.
Because of these changes the buyer pool is much smaller, resulting in much more balanced market.
What does this mean for buyers and sellers?
Take-aways for Sellers:
- Pricing a home right and staging it to shine is now a MUST. Your home needs to be the best value in it’s segment.
- Your home may take longer to sell. List early and leave yourself time to sell.
- Your home will likely sell for a price from 2021 than from the white-hot early part of 2022.
- Don’t expect to get all your terms. Sellers aren’t calling all the shots now.
Take-aways for Buyers:
- Your odds of getting a home you love have gone WAY up. You probably won’t get into a bidding war.
- You may not have to pay full price (resale or new build).
- You probably don’t have to include all the clauses you had to before (appraisal, limited inspections, etc.).
Check out the quick video below to learn more.
I hope that helps answer some questions about how the market has shifted. Buying and selling in Central Park is what our team here at Focus Real Estate does! Our listing fees are just 2% (even less if we’re helping you buy your next home). In a market where it’s not as easy to sell, every dollar counts. We’d love to help! My contact info is below.