There are some signs that buyer enthusiasm may be slowing. While much about the current housing market is unprecedented, real estate agents and mortgage lenders warn the balance may potentially shift away from a seller's market. Despite the historically high home prices of the last two years, many potential sellers waited rather than putting their homes on the market. However, the time may be coming when the wait-and-see approach to selling your home could result in a less-than-stellar sale price. Here's why a potential shift toward the buyer's market could mean it's time to sell:
1.) Housing Inventory Will Continue to Stabilize
As builders complete more new homes, buyers are less likely to offer top dollar for your home if you wait too long to put it on the market. Currently, competition is still fierce in many markets, but other markets are showing signs of cooling.
2.) The Average Number of Days on the Market is Increasing
Several factors contribute to homes sitting on the market for longer. The key to locking in a price that reflects the value of your home is to sell when the demand is high.
3.) Mortgage Rates are Rising
One side effect of inflation worries in the larger economy is the increase in mortgage interest rates. In fact, mortgage rates have risen substantially in the last year and may continue to rise through the end of the year.
BOTTOM LINE:
Timing is critical in the housing market right now. Many experts aren't sure exactly how the housing market will continue to respond to economic volatility in other industries. However, waiting for clear signs that the housing market is tilting away from sellers could mean losing out on getting the optimal price for your home. If you have been thinking of making a move, please contact me for a FREE, no-obligation consultation today! I'd love the opportunity to make your real estate dreams come true!
Source: ProspectPlus
