How you can secure a fantastic deal even in this shifting market.
For the last two years, our market has been about as crazy as we’ve ever seen it. Homes were flying off the market within days for way over their asking prices. However, there’s been a lot of chatter in the news about a slowdown. If you’re looking to sell your home, did you miss the boat on our fantastic market? In our opinion, it’s not too late to get a great deal.
The truth is that it’s impossible to tell when the peak of a market is until we’re far past it. The peak may have been a month or two ago; we don’t know for sure. What we do know is that now is still a fantastic time to sell a home. You can still secure an excellent deal with great terms and a high price, but it won’t be as easy as it was before.
For example, affordability is becoming an issue for some buyers. This doesn’t mean you’ll get nothing but low offers; however, you need to be careful about how you price your home. If you overprice your home expecting 20 offers to fly in within the first few hours, it could sit on the market for a long time.
This is because rising interest rates have put a dent in buyers’ purchasing power. Let’s look at an example. If a buyer was looking to purchase a $1 million home six months ago, they can now likely only afford a $900,000 house.
If this sounds scary, don’t worry. Prices are still at all-time highs, and there are plenty of motivated buyers willing to give you a great deal. You just may need to be smarter about how you approach this market.
If you want to work with an experienced team to help you take advantage of this market, please call or email us. We are always willing to help!