Want to know why?
You might be wondering what that means for your plans to sell your home as talk of the real estate market slowing down from the peak frenzy it experienced during the pandemic increases. If you're considering moving, you should be aware that the market is still far from normal.
Even though there are more houses for sale this year than last, the housing market is still undersupplied. And that indicates that the current market is still in favor of sellers. This is because the quantity of available homes for sale can indicate whether buyers or sellers are in control. Consider it like this:
A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
In a sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.
A neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.
And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows.
What Does This Mean for You?
The housing center director at the American Enterprise Institute, Ed Pinto, provides the ideal summary of the state of the market today:
“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”
Even though the market is slowing down, the situation is still favorable to you. You'll have success selling your home today if you work with an agent to set the price at market level. Despite the fact that buyer demand is waning as a result of rising mortgage rates, properly priced homes are still selling quickly. That indicates that you still have time to list your home.
The housing market of today still benefits sellers. Make contact with a local real estate advisor if you're prepared to sell your home so that you can get moving.
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