Are We Still in a Seller’s Market?

By now, you’re likely well aware that we have been in a seller’s market for quite some time. We saw historically low interest rates, which led to buyer demand reaching an all-time high, thus increasing the competition and ultimately raising the prices of homes.

But, as interest rates have risen and more homes have become available for sale, you may be wondering what this means for our current housing market.

Yes, the market is shifting… slowly. We are seeing more homes hitting the market and staying on longer. We are also seeing an increase in price reductions for the homes that are staying on the market, which indicates that competition for homes has gone down.

Does this mean you can expect to start looking for a home today and be able to offer under asking price?! Not exactly. Truthfully, for the past couple years we have experienced an unprecedented seller’s market, so the playing field is only now starting to reach a more reasonable level. Still, buyers can expect that homes that are in good condition, will likely have fierce competition and face a bidding war. However, buyers that are willing to look at homes that may need some minor improvements or have been sitting on the market for some time, may finally have a LITTLE more opportunity to negotiate than in months passed.

If you’re thinking about selling your home, don’t panic! You still will likely be able to sell your home at a strong price, but this is where having a Realtor and taking the proper steps to prepare your home, become even more important. Gone are the days where you could put your home on the market without much prep, price it over market value, and just “see what happens.” A strategy and clear analysis of the local market is needed to make sure you get the most activity on your home as possible.