Yes, everyone knows the real estate market has been hot for some time now…. it’s a sellers’ market, prices are higher than they’ve ever been, we got over asking in 2 days and no home inspection are all comments we’ve been hearing for the last year. Yet, many homeowners are still hesitant to take the plunge and put that red, white and blue RE/MAX For Sale sign out on the front lawn.
While there is a lot to consider when deciding to sell, right now the main point to remember is that we will likely not see prices like these for another 10 years. Real estate is cyclical, and this cycle could very likely be nearing its end. With life heading more towards pre-pandemic normalcy, things in the real estate market will slowly, slowly start to adjust as well.
Rates are still holding steady at all-time lows, so buyers are still outnumbering listings, but even that has seen a slight change in the last 3 weeks. Many buyers, feeling exhausted from bidding wars and steep competition, have opted to take a short break from looking to decompress and come back refreshed. Good news, too—new listings to the market have increased in the last 3 weeks and more homes are available to the plethora of buyers that are still out there looking. It may be just a coincidence at this point but if it continues, we will see a market correction in the near future.
For buyers this could mean a much more pleasant experience waiting for Fall or Winter to buy when the competition is less, and the inventory is better. I mean, seriously, bringing more cash to the closing table to cover an appraisal gap is a ridiculous idea….but so many buyers are doing it right now just to get an edge on their competitors and, in my opinion, that really needs to stop; it’s absurdity!
Sellers, what does this mean for you? It means if you’ve been on the fence, get off. Do it—now’s the time. There is not going to be a better time to sell your house than now! Don’t miss out on the opportunities this crazy sellers’ market has brought about….buyers waiving home inspections, bringing money to the table over appraised values, multiple offers and getting over asking price in the first week could all be dreams of the past soon.
If you like the idea but are nervous about the whole process and what’s involved, reach out; we can always help. There should never be any pressure when thinking of buying or selling. As a realtor, our job is to help people make the best choice for them and that means educating buyers and sellers on their options and possible outcomes. Talking to a professional is free, so call or email anytime. If you’re out of our local area, I have plenty of referral sources all around the globe!
Re/Max Executive Realty
Lisa Y. Shaw, Broker Associate