The Market has Changed. Now what? Ask any Realtor ( new or old) how the market is today and you are going to get a wide variety of answers! The bottom line is the market has changed. It has adjusted and we as real estate professionals need to change with it.
The last couple of weeks have been interesting. The rates have gone up to about 6%, some buyers are waiting on the sidelines to see what will happen, hoping the market will crash. The market is not crashing so far but inflated prices are correcting and lots of homes are just sitting.
Homes are sitting for a variety of reasons; prices are too inflated, homes need work and in the past 3 years that didn’t matter but in today’s market it really matters. In order to overcome this I am encouraging my clients to prepare their homes thoroughly by painting, cleaning and organizing & if needed staging. I have always offered free staging to my clients who need it or a free staging consultation if they want to use their own furniture. Keeping up with the market is my #1 priority right now.
If I am going to ride out the changes in the market I need to stay flexible and double down on things like coaching, education, consistency and continue to be a resource for my clients in these changing times.
How can you be successful in the real estate market right now? If you are looking to buy it is a good time to secure a great home at a less competitive price. I am encouraging my buyers to connect with a qualified lender, shop different mortgage programs like ARM’s ( adjustable rate mortgages) and watch the daily rates to lock in at a good price once we have found a home.
If you are thinking about selling & coming on the market this Summer my advice to sellers is price below the last sold comps so that you entice buyers to take a look, offer closing cost assistance or a rate buy down credit. I am making sure my listings are staged and immaculately clean so that there is no reason for a buyer to not like the home.
One thing we can be certain of is that the market will shift again. If rates go down a little before year’s end that will drive a mini surge for buyers, if more inventory comes on then home prices will continue to be flat. The market will always be morphing but I will do my best to remain a resource for my clients and be able to provide contemporary advice that helps us all survive the changes to come.
If you need some advice on what to do in this changing market please get in touch with me. I would love to take you for coffee or lunch to chat about real estate and how you can be successful in any market!