With mortgage rates spiking and home prices dropping slowly. sellers are unsure of what to do next. Sellers are quickly learning that they will have to price their home competitively.
The housing market has changed from just a few months ago. Homes were flying off the shelf and being sold in just hours of being listed. Sellers now must prepare for not only the slowing market of the fourth quarter, where traditionally foot traffic is about fifteen percent lower than during the summer.
Due to rising interest rates, sellers will be dealing with even fewer buyers this season. The rise in mortgage rates is directly affecting the number of buyers in the market.
So, what is a seller to do? Well, as always if you are selling your home, you will need to price your home realistically, and competitively. If not, it will sit much longer than you might be prepared for.
Don’t be the seller who doesn’t listen to his/her realtor. Your realtor should have a handle on what is happening in the market. The market has shifted, and if you try to hold out for a top dollar offer, you might be holding out for a long time.
Sellers should be prepared to work with buyers, offer concession, and be flexible. Your transaction will be more enjoyable, and you will see that most buyers are not so bad to work with.
Most home prices will continue to drop through the end of this year. After the end of the year inventory will increase, and houses will remain on the market longer. So if you are selling your home, your best strategy is to price your competitively. Which is always the best strategy!
By R. Jones
