In recent months, the media has been filled with stories of a struggling real estate market. Headlines blare about declining home sales and plummeting prices, painting a dire picture for anyone looking to buy or sell a home. But don't believe the hype. The reality is that the real estate market is thriving, and now is a great time to make a move.
Just this past Saturday I did an open house for a 2 family home. The house had just come back on the market a few days earlier and since we did not have a lot of time to promote the open house my colleague and I were not sure about the turnout. We were so busy that we had to extend the open house by 45 mins. More than 30 sets of buyers came through and these were not the same buyers you would find during the pandemic. These were mainly well qualified buyers that were also not 1st time buyers. Even right now as I write this I am still receiving calls regarding the property. In fact I have a showing in 30 mins, By the time we were collecting the the signs my colleague and I felt very positive, not only for the property we are selling but for the market in general.
The market is thirsty for homes, period. If you are kicking your self for not listing 6 or 12 months ago, stop. List now! It is true that interests are higher and due to that there are less buyers out there, but since inventory is still critically low home prices have NOT plummeted like you were led to believe. There still are plenty of buyers out there! I would even dare to say that the average buyer in search of a home right now is a stronger buyer than during the pandemic. Prepare your home accordingly and price it correctly and you should be able to find a buyer in no time. Do not be tempted to set your "town record" with your price. You will distract buyers and waste your time. There have been some list prices out there that are just insane.
Home prices have not fallen and unless the inventory jumps up 1000% in the next 6 months most likely they will not fall a whole lot. This is actually good news for you. If home prices are tumbling down would you feel very confident to buy? Stable values are a good thing. Most importantly since there are less buyers out there looking you have less competition. Technically it is still a seller's market but much more reasonable than the last 2 yrs. You shouldn't have to promise the sellers your 1st born in you offer. I do not know how long this will last. I would encourage you to start or re-start your search soon. Keep an eye on what is new to the market and price reductions. Stay ready to make a move. You might be surprised to find yourself under contract before you know it.
Who you work with matters
If you are looking to buy or sell in any market. You want to work with an Agent that has the following.
Market knowledge: A good agent will have extensive knowledge of the local real estate market and can provide valuable insights on current trends, pricing, and inventory. This knowledge can help buyers and sellers make more informed decisions.
Negotiating skills: A good agent will be able to negotiate effectively on behalf of their clients, whether it's helping a buyer secure the best deal or helping a seller get the highest price for their home.
Marketing expertise: A good agent will have the skills and resources to market a home effectively, which can help attract more buyers and ultimately lead to a faster sale.
Network and Connections: Good agents have a wide network of connections, including other agents, mortgage brokers, home inspectors, and other professionals involved in the buying and selling process. This can help streamline the process and ensure that everything runs smoothly.
Experience and Professionalism: Good agents have experience in the industry and will conduct themselves in a professional manner. They know the laws and regulations that must be followed and how to navigate through difficult situations, protecting their client's best interest.
Stress reduction: Buying or selling a home can be a stressful and time-consuming process. A good agent can take on much of the burden and handle the details, allowing their clients to focus on the bigger picture.