Selling in Today’s Market

If you’re thinking about selling your home, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some, according to the real estate information base “Keeping Current Matters”.

If you think you’ve missed your chance to sell your house & make a move, the good news is―you haven’t. Motivated buyers are still out there. But you do need to price your house correctly for today’s market.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”

It’s true that buyer demand has slowed over the past few months. Higher mortgage rates made it more expensive for buyers to qualify for a mortgage & reduced their buying power. Buyers that could afford a $350,000 house in some cases saw their purchasing power drop to below the $300,000 limit. The result is fewer bidding wars and less competition among buyers.

But don’t forget that this is in comparison to the severely overheated market we saw over the past two years. According to the latest Confidence Index from National Association of REALTORs^®:

“ …  39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”

While this is a slower pace, serious buyers are still active in the market & they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.

If you’re planning to sell, work with me to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a Seller’s Market.

You’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, explains what’s happening and what it means when you sell:

“Signs of a broader slowdown in the housing market are evident … This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates … Nevertheless, buyers still remain interested, which is keeping the market competitive, particularly for attractive homes that are properly priced.”

If you’re considering selling, call me at 847.494.1102 & we’ll create a strategic plan.

Karen Daugerdas, Coldwell Banker Real Estate Broker