Here’s what this shifting market means for today’s home sellers.
In 2020 and the first quarter of 2021, the real estate market was so crazy for sellers. We were seeing multiple offers and bidding wars, which was great at the time. However, now we’re starting to see a change in the market.
In the past five months, multiple-offer situations have been fewer and far between. When we are in multiple-offer situations, buyers are often coming in below list price. We’re also seeing a rise in inventory to coincide with this, and buyers have more homes to choose from. The average time a home is spending on the market is increasing, too.
Don’t get me wrong, we’re still very much in a seller’s market, but it’s not as strong of a seller’s market as it has been. More competition means sellers need to make some adjustments. Last year, a home would sell no matter what condition it was in, but now we’re finding that buyers are being a little pickier. If your home has bumps or bruises, take care of that deferred maintenance to make the house as pretty and preexisting as possible.
Pricing has also become an issue. We saw a lot of low appraisals in 2020 because prices got bid up so high. With this changing market, buyers aren’t bidding houses up as high as they were. Sellers need to be more conscious of price these days.
That’s a big adjustment because your neighbor may have sold for a ridiculous amount just a few months ago, but that’s not what you should be expecting. This is an adjustment for both sellers and their agents. As Realtors, we want to stay on top of the local area we cover. We need to give sellers the right advice for the current market.
We sell over 400 houses a year, and we’re used to working in changing markets like this. You need a true professional on your side in a changing market like this one.
Even though the market may not be exactly what you want it to be, it’s still a great time to sell. If you have any questions about selling your home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.