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The Current Market can be challenging for both sellers and buyers. We had the frenzied market beginning in the fall of 2020, starting to taper off in May of 2022. Then with the multiple interest rate hikes, the market appeared to stall in the fall of 2022. Now due to limited inventory, we see market activity resuming, but in a more measured way. Below is advice that we would like to share:
Advice to Sellers:
Despite the higher interest rates, buyers are still moving forward and they accept the market conditions with respect to pricing and interest rates. Now more than ever, buyers still want to see a clean and well-presented home that helps inspire confidence that they aren’t buying a money pit. Given these higher interest rates and home prices, buyers are looking for “turnkey” and move in ready as they don’t have as much money to spend on repairs, replacements & improvements.
Buyers are paying close attention now to the age and condition of roofs, HVAC systems, water heaters, electrical panels and wiring and plumbing. Obtaining homeowners insurance is also getting tougher and more costly.
Advice to Buyers:
While optics of the current market may seem ripe for making low offers, we are still dealing with low inventory in many price points and multiple offers. While some think the market will crash, there is a significant
amount of wealth still circulating in the real estate market. If buyers can make a reasonable offer, they are much more likely to have a productive and faster negotiation that can lead to a successful outcome. It takes relationships and connections to put transactions together. An experienced agent representing the buyer ensures their best interests are advocated for and can help negotiate a winning offer.
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