If you’re putting your house on the market or already have an active listing, you’ve probably become an expert on mortgage rates, housing trends, and recent sales in your area. The last few years have taken buyers and sellers on a dramatic journey from high home prices to low inventory, and from low mortgage rates to higher mortgage rates and longer days on market.
It’s hard to keep track of all the new information about buying and selling trends since information changes daily.
If you’re actively selling your home right now, you may be frustrated that your house is sitting on the market longer than you want it to. With rising interest rates, buyers are more intentional and strategic during the buying process than they were a few months ago when it was a race to close before someone outbid them. We’re talking about a purchase that may be the single most expensive thing people ever buy, afterall.
Your biggest asset though? Patience.
Selling your home should never be a race to the bottom. While some agents may get creative on marketing your home, reducing the price to get it sold is never the answer. It doesn’t benefit you, and it doesn’t benefit the overall market. Home prices are going to remain elevated with slight adjustments depending on demand and interest rates.
This is good news for sellers. The equity in your home has undoubtedly increased and buyers are now used to inflated home prices. It may seem tempting to lower your home price just to get it sold, but patience is a virtue. Your buyers are still out there, ready and willing to purchase the home of their dreams. Regardless of the latest news headline, it’s still a seller’s market. As of October 1, 2022, home inventory was 26.6% higher than a year ago in August, according to a Realtor.com report, but that’s because homes were lingering on the market longer. There were actually 13.4% fewer new listings than a year ago during the same month.
Bottom line? Be patient. Work with a knowledgeable and well-connected agent who can maximize and market your home listing. Invest in professional photos and be comfortable with your home sitting on the market for some time longer than anticipated. All’s well that ends well.
Take a look at how our listings have performed this year as interest rates spiked each quarter. As each quarter has passed, homes have sat on the market longer and longer. Home prices did not plummet, however. They have stabilized.
If you’re interested in working with an agent who’s an expert in market trends, call us today. No one works Harter. (949) 412-2808
