Five ways our housing market has changed for sellers and how to respond.

By now, you probably know that things have changed for sellers in our housing market. Things are different, and if you don’t respond, it could seriously affect your buying or selling plans. That’s why we’re sharing five things you need to know about our new market:

1. Sellers shouldn’t expect bidding wars. When inventory was low, buyers competed for the same few available homes. With more inventory available, buyers have more homes to choose from, so they're less likely to compete.

2. Buyers may offer list price or less. Lending conditions are much different, which is affecting buyers’ ability to make high offers. Today's homebuyers are spending hundreds of dollars more each month because of higher interest rates, so they can afford less.

“Your home can still sell quickly if it’s priced correctly.”

3. Contingencies are back. During the extreme seller's market, sellers were experiencing some unusual benefits. Many received offers without contingencies, meaning bids with no requests for appraisals or inspections. However, in today’s market, sellers can expect buyers to ask for repairs and other concessions.

4. Homes will sit on the market longer. Your home can still sell quickly if it’s priced correctly. However, overpriced homes are stagnating on the market for a long time.

5. Homes need to be in great condition to get top dollar. Before, there was so much interest and so few homes available that prospective buyers were willing to overlook deficiencies and unusual quirks. However, today's homebuyers are a bit more specific. Sellers who have move-in ready homes should continue to see healthy traffic.

If you have any questions about selling your home, please contact us so we can discuss proper pricing strategies and marketing your home in the best light possible. Call or email us anytime.