Perhaps you’ve been considering, throughout the past year and a half, whether the market was in a good place to sell your home. Many people looked at the market and said, nope, not for me. They saw COVID-19 restrictions and safety precaution worries at first, then they saw how blazin hot the seller’s market got and worried they wouldn’t be able to sell their house and buy something else they can afford.
Now, however, may be a sweet spot for sellers who are ready to move forward, according to insights from top real estate agents. While the market is still busy, a bit of a downshift in the amount of buyers has allowed inventory to replenish somewhat, meaning that the seller’s market isn’t quite as out of control as before. This gives sellers who need to also become homebuyers a bit more incentive to jump in as well.
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Bidding Wars are Great Till They Cause Deals to Fall Through
While the idea of realizing a big gain on your home sounds good, some sellers have found this market to be a fickle one. While they may get many competing and strong offers, a buyer who offers an inflated value may use the inspection or other stages in the process to allow the deal to fall through, wasting time and resources.
At the same time, sellers are trying to get into their next home without spending far more than the value of their new home. Realistic growth in home value, rather than inflated home prices due to low inventory, benefits most people.
Interest Rates Are Still Low, Keeping Home Financing Possible For Many Buyers
While buyers have opted out of the market due to burnout looking for a great home at a good price, the Federal Reserve hasn’t announced plans to raise rates a lot. As a result, there are still options for families who need to move, bringing a healthy amount of interested buyers to the table. If you want to sell your home now, you may not get into a crazy bidding war over your property but still might have multiple potential buyers willing to submit an initial offer.
A Softening Seller’s Market is Truly a Sweet Spot
With more inventory come serious offers from buyers who, yes, may want to negotiate but who are also only moving forward with properties after consideration and planning. Sellers can then turn around with confidence and shop for their own next home, finding and paying a reasonable sum for it.
While some sellers may hearken back to stories they heard a few months ago of houses going for extraordinary sums above asking price, that wasn’t everyone’s story: other families opted not to sell at all because they couldn’t find an affordable option to buy next! A market that is slightly in favor of the seller but isn’t plagued with low inventory that creates inflated property values is actually far better.
Most real estate agents and other real estate professionals won’t mind at all if the housing market’s natural ebb and flow returns and make the housing market a little bit more predictable again.
You may also read: Selling Your Home? Here’s What To Do Before Contacting a Real Estate Agent