The housing market has been a seller’s market for years now, but as of recently, it’s become even more competitive for sellers and buyers alike. The slowdown in the economy has resulted in fewer buyers and more competition from sellers who want to sell now before prices start falling again. With experts saying the market is cooling down, should you still consider selling your home?
Reduced Inventory Will Mean Less Competition
As the number of homes for sale has decreased, so has the competition. This is great news for sellers; while they may not be able to get as high a price, they will likely sell faster because there are fewer properties on the market.
If you’re in the market to buy a home and want more information about what’s happening in your area, we’d love to chat with you!
Sellers May Have to Compromise On Price
Price is the most important factor in selling your home. You should not be afraid to price your home to sell, but you also shouldn’t be afraid to negotiate or walk away if a buyer comes in with an offer that doesn’t reflect your property’s value.
In this market, sellers may have to lower their asking prices more than they might want and feel comfortable doing so.
This Also Means Buyers Have Time to Shop Around
When the market is slow, buyers have time to shop around. They can become more selective and confident about their purchase. Buyers can also negotiate better; if you’re in a buyer’s market, it’s no longer as much of a deal breaker to have an imperfect space or other minor issues with your home—as long as it’s priced right and shows well, you’ll still be able to sell it quickly.
List Your Home as Soon as Possible
There are many reasons why you should list your home as soon as possible. The sooner you list your home, the sooner you will see results. If you wait too long, the more competition you’ll face. Interest rates have been rising steadily since 2018 and could continue to do so for months or even years. This means that buyers will likely be able to secure a lower interest rate by shopping around for new mortgages at a later date than they might otherwise be able to afford today (assuming they qualify).
In short: Listing sooner means selling faster, getting top dollar for your property, and avoiding unnecessary legal expenses from listing late in the game!
The Market May Be Shifting But You Can Still Sell Your Home For the Right Price
The market seems to be shifting, but you can still sell your home for the right price with a great agent by your side.
Real estate markets are cyclical in nature, and this one is no exception. While it may not feel like it at times, the current slowdown does not mean that you’re going to have to settle for less than what you want for your home or wait indefinitely to find a buyer. In fact, thanks to an increase in inventory across the country—and more importantly a decrease in demand from buyers—there are several things you can do now that will help ensure that when buyers return to the market again (and they will), they will be looking for homes just like yours.
The market has shifted, but there are still plenty of buyers out there who are ready to buy. With the right agent by your side, you can make sure that your home is listed at the right price and marketed in all the right ways. The best way to sell a home is through an experienced real estate professional who knows how to get it done!
Preparing to sell and negotiating a good price for your property is easier with professional help. At the Zion Group, our team of experienced professionals will take the time to listen, plan, and execute your vision for your real estate selling goals. Schedule a free consultation with us today.
– The Zion Team