What’s the real estate market looking like these days?

Happy Fall Ya’ll!

If you’ve been house hunting or selling, you know that the market has changed significantly and still is. So what are we seeing as Realtors? In my experience, houses are staying on the market longer, prices in some areas are settling just a tad, and there’s more inventory although still not as much as we’d like/need. It’s still likely that you’ll face multiple offer situations, but it’s less of a frenzy than it was just a few short months ago.

What does this mean for Buyers? It’s good. What I’m seeing is that you have increased options while still benefiting from competitive lender percentage rates. You will likely see fixer uppers hang on the market a little bit longer, and sweat equity continues to pay off. There will still be lots of off-market deals since inventory continues to be lower than needed, and that means having a realtor is extra important because they have an inside track on all things houses. And you’ll still want to be prepared for bids to go higher than asking for highly sought after properties. Your realtor (hopefully it’s me, lol) will explore all offer strategies with you based on all the individualized factors when that time comes. It’s possible to find a home that’s been on the market for days that will consider and respond to all serious offers, and that’s a big change from the frenzy we were experiencing a few months back. 

What does this mean for Sellers? It’s still a healthy thriving market for home sales. I’m seeing properties in desirable areas continue to get maximized profits and ratified contracts after only a short amount of time on the market. It’s still important to present your house in the strongest way possible using professional photography and staging as needed. Your listing photos and the description your realtor writes are the first (and often long lasting) impression for buyers coming your way. Get every bit you can from that… highlight special features, take the extra step to ready your property, and lean into the guidance your realtor provides. We are the ones experiencing the market changes directly everyday and we know what’s working and what’s not. Having said all that, it isn’t unusual these days to see price reductions and longer amounts of time on the market. Showings continue to be steady, and sometimes just a bit longer on the market helps secure the perfect buyer. 

It’s a transitional period in many ways where buyers and sellers are having to adjust expectations. Hang in there and let your realtor help! Of course, there are many other details and pro-tips, but I can’t give all the secrets away here. Contact me if interested in buying, selling, or chattin’ real estate. SieglingChristy@gmail.com 843-810-4905