How This Changing Market Affects You
What you should expect from our changing real estate market.
If you’ve watched our recent videos, you’ve heard that interest rates have doubled in the past six months. This change has decreased buyers’ purchasing power and affected how many offers sellers are receiving. Today we want to update you on our market and tell you what to expect now that rates are up.
The great news for you as a buyer is that you may not have as much competition. There are still houses for sale; people are always moving. Instead of competing against 10 to 20 offers, you may only be dealing with two to five.
"Sellers will need to have realistic expectations in this market. "
Additionally, you may not have to make the same crazy offers that you had to make a few months ago to secure a property. You won’t have to waive your contingencies or cover appraisal gaps to secure a home.
For sellers, it will all come down to your expectations. We’re all used to seeing skyrocketing prices, tons of offers, and crazy contracts. It will be important to have realistic expectations and return to the basics. We always talk about preparation, pricing, and presentation, and you’ll need to take all of those into consideration for a successful closing.
If you have any questions about these tips or real estate in general, feel free to call or email us. We would love to hear from you.