Perspective Matters When Selling Your House Today
Do you doubt your plans to sell your home in light of recent housing market news? The key, then, is perspective. Here are a few ways a reliable real estate expert may explain the current change and the reasons it's still a sellers' market despite the cooldown.
Fewer Homes for Sale than Pre-Pandemic
Even if there are more houses for sale this year than last, the market is still far from being called balanced.
The pre-pandemic numbers (shown in blue on the graph) are higher than the numbers we observed during the pandemic (shown in green). That's because when homes sold at a record pace during the pandemic, the typical number of days on the market began to decline. The average days on the market have lately started to increase slightly (shown in orange) as a result of the slowdown in the housing market, but they are still much below the pre-pandemic average.
How does this affect you? Homes are still selling far faster than they were in the more typical, pre-pandemic years, despite the fact that it may not be as quickly as it was a couple of months ago. And if you accurately price your home, it can still sell swiftly.
Buyer Demand Has Moderated and Is Now in Line with More Typical Years
Due to rising mortgage rates, this year's buyer demand has weakened. Still, perspective is important. Receiving three to five offers, as some sellers did during the pandemic, is unusual.
Prior to the pandemic, it was common for homes to receive about 2-2.5 offers when they were sold (shown in blue). The average number of offers rose as the market heated up during the epidemic as demand increased due to historically low mortgage rates (shown in green). But most lately, as the market has begun to calm from the frenzy, the quantity of offers on homes sold today (shown in orange) has begun to revert to pre-pandemic levels.
Speak with a reputable real estate expert if you have concerns about selling your home in the current real estate market. An agent can assist in supplying context for.
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