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Will My House Still Sell in Today’s Market?
If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today’s demand stands, let’s look at the July data for the past six years (see graph below):
This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.
While things have cooled a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.
Bottom Line
Buyer demand hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.
A Trusted Real Estate Advisor Provides Expert Advice
If you’re a homeowner or are planning to become one soon, you’re probably looking for clear information about today’s housing market. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert.
Why You Want To Lean on a Trusted Professional
With any big milestone in life, it’s wise to seek advice from people who are experts in their field. While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation.
For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to work with you to adjust as new information becomes available.
Similarly, the job of a trusted real estate professional is to give you the best advice they can. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know exactly what’s going to happen throughout your transaction. But an expert real estate advisor knows market trends and the ins and outs of the homebuying and selling processes.
They’ll use that knowledge to explain both the national headlines and what’s happening in your local area. That way, you have the best of both worlds and can feel confident in your decision to buy or sell. Freddie Mac explains why having an expert on your side is so essential:
“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.
Bottom Line
To get expert advice when you buy or sell a home this year, let’s connect today.
Want To Buy a Home? Now May Be the Time.
There are more homes for sale today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:
“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”
Two Reasons There Are More Homes for Sale
The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.
The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The graph below outlines new monthly listings coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.
Bottom Line
The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.
Home Buying Tips: Location & Research
Home Buying Tips: When your are buying a home, there are several things to consider
Tip #1: Consider Location! Location will likely play a major factor in your decision to buy. A house is more than simply a shelter — it’s offers a lifestyle. That’s why it’s essential to ensure it fits you and your family. Assess the nearby location by considering the overall neighborhood atmosphere, as well as researching local schools, shopping options, things to do in the area and more.
Tip # 2: Do your research! When buying a home — especially for the first time — there is no such things as “too many” questions. It’s your real estate agent’s job to help you, so seek his or her assistance whenever you are feeling confused or need clarification on a particular topic.
Tip #3: In addition to the down payment, it’s important to consider that you will likely have closing costs. Although in some circumstances the seller will assist with these expenses, you will still most likely have certain costs to cover such as appraisal fees, inspection fees, escrow fees, title insurance and more. Keep this in mind as you craft your home buying budget.
