As Realtors, the question we get asked the most is “How is the market?’
For buyers and sellers alike, the real estate market can be a bit intimidating at times. Sellers want to know about their competition and the experience of opening one’s home to strangers can be a vulnerable one. For buyers, over the past several months, it’s all about how to win. Putting in multiple offers on homes and having to compete can be tiring. My sister has been offering on homes in the very competitive market of Charlotte, North Carolina and hearing about her experience there was a very good reminder of the emotional toll the offering process can take.
The stories people hear about the market shape their actions. So what is the story of the market right now?
As we wait for third quarter stats to come out, we can tell you anecdotally that this is a hit or miss market for buyers and sellers alike.
The frenzy of the first half of the year has waned. There are still plenty of buyers in the market and competition can be fierce for some homes, but it isn’t so for all homes. I’ve talked to several agents lately who thought their listings would be selling with multiple offers and at the end of the weekend, they may have one offer, or none. We are not hearing about or experiencing the 15 or 20 offers per homes that was the story of the spring time.
In addition to the cooler market, interest rates have started to tick up. Whether or not they continue to rise or fall again remains to be seen.
And for sellers, it’s the same. Some listings are flying off the market at record speed, and some are sitting for longer than expected. It can be hard to tell which homes will fly off the market and which homes will be sitting at the end of the weekend.
We are coaching our sellers to make sure their homes are in tip-top condition. Staging, professional photography, 3D walk throughs of the home, cleaning, and professional copy help a listing shine in comparison to the competition. Given the hit or miss nature of the market, we want our sellers homes to shine when compared against their competition and it’s all about how a home looks online.
So what is our advice for buyers and sellers in the market now?
If buyers have been waiting on the sidelines for the market to cool off a bit, now could be a great time to jump back in the game. There are still areas that are hot, hot, hot and some homes will still get plenty of offers but buyers can and should consider the homes that didn’t get an offer the first weekend. Patience and perseverance are still the name of the game but buyers have more negotiating power than they have in months past.
And for sellers, we recommend pricing with the cooler market in mind. Sellers should take care in preparing their home for sale so that they shine in comparison to the competition and stand out from the crowd.
If you have been considering a sale or a purchase and you’ve been waiting for the frenzy to subside, now might be a great time to consider moving forward. As always, don’t hesitate to reach out if you have questions about buying or selling a home.
Until next time!
- Ken Crifasi and Allison Benham with K&A Properties