The number one question I’m getting these days:
“Do you think the market will slow down soon?”.
It’s what everyone wants to know – Sellers want to know if they can wait a while before they put their home on the market or if they’ll miss their opportunity to get the most money if they wait. Buyers want to know if they should wait and see if prices go down or if they should buy now while interest rates are still low because prices will continue to climb.
Most experts agree that while home prices are still rising, they will begin to slow and no longer see double digit gains by the end of the year. This means that while median home list prices are still more than 12% higher than they were the same time a year ago, a combination of homebuyers being priced out of the market and a return to pre-pandemic life may ease some of the demand we’ve been seeing since May of 2020.
Unlike last year, this year we did feel the seasonal slowdown that occurs in the summer. Add to that the ‘re-opening’ of America with people going to concerts, going on vacations, and a plethora of other things that ultimately are competing for their down payments – buyers may not want to spend all their money on a house when there are other things to spend it on again. This could result in fewer bidding wars and more reasonable offers over the asking price (i.e., competing against 1 other offer vs. 24), and it might just provide the opening that many cautious buyers need.
Since the number of homes for sale continues to be historically low, until interest rates rise to where they were pre-COVID I don’t anticipate our market slowing down significantly.
You may be thinking, “great…but should I sell now or not?”. There is no time like the present, but you need an agent who can build the right strategy for you. You can be a seller in the middle of summer and still get 11% over asking price if you have the right strategy (I did this for a client in July). You can win against 20 other offers without being the highest price (I did this for multiple clients throughout the Spring Market). Find a great agent. Ask them how their strategy compares to others to ensure your home is priced for competition to get the most money in the least amount of time. A great Agent will have multiple options; you cannot win by using the same approach for every home in every market.
Ready to buy or sell your home? Are you ready to create a strategy that works for you and your timeline? Call or click here to book a call!
Arynne
PS- If you’re serious about buying or selling a home this year , let’s connect. Click here to book a real estate possibility call and let’s develop a winning strategy for you!
