Changes in the economy and housing market caused a significant shift in the seller's favor during the pandemic. However, as pandemic shutdowns are ending and life as we know it begins to return to normal, the housing climate is also starting to cool down, according to Andrew Shader and other real estate pros.
Before you panic as a prospective home seller, the market hasn’t entirely swung the other way just yet.
Though home inventory is on the rise, and the demand for new homes isn’t as intense as it was this time last year, the market still largely favors the seller, and the vast majority of home sellers are still making more than they paid for their home upon sale.
Confused about the state of the real estate market as a seller? Not sure if now is the right time to launch a sale? Here are a few of the most common questions sellers ask and how Andrew Shader answers them for his clients.
Is Now a Good Time to Sell, or Should I Wait?
It’s true that home inventory has increased significantly since this time last year, causing demand to decrease from the unprecedented highs seen during the peak of the pandemic. However, when looked at from a more objective perspective, home inventory is still on the lower side.
This means that even though buyers have a bit more power of negotiation now than they did in 2021, sellers still have the ultimate upper hand. This is especially true if you make your listing stand out from the rest with professional listing images, appliance updates, and cosmetic improvements.
Will I Be Able to Afford a New Home After Selling?
Unless you’re selling an auxiliary property, most home sellers are also about to become home buyers. However, sellers need to realize that they likely currently have a higher level of equity in their home than they might think.
Over the past several years, homeowners have gained a significant amount of equity in their assets that can make a major difference in the selling and buying process. As a homeowner, you’re in a much better position to sign up for a mortgage than someone who doesn’t have equity in a home, regardless of the abnormally high mortgage rates.
Are There Still Buyers in the Market?
Speaking of high mortgage rates, you may be nervous about listing your home due to decreased numbers of buyers as a result of high mortgage rates. Don’t worry; there’s still a significant base of home buyers in the market today, with millennials aging into home-buying age making up the largest percentage of them.
Working with an Experienced Professional Matters This Season
You can still have great success selling your home in this climate, but working with a seasoned professional will make all the difference.
Since 2016, Andrew Shader has been creating ideal outcomes for clients of all lifestyles in real estate. He actively increases property values for sellers so that they can achieve the best possible sale price.