How is the Housing Marketing Doing Today?
Temps may be soaring but the housing market has cooled off this Summer. For the last 2 years, we have been running at a breakneck pace. Demand far outweighed supply resulting in a frenzied real estate market where anything seemed to sell. That’s not the case right now.
During the Pandemic Boom townhomes and single-family homes escalated to 100k. Combine that with families not getting together, vaccines being rolled out and straight-up cabin fever all factors contributing to the market slow down. It seems buyers have officially “pushed back” & are unwilling to pay escalated prices now after getting torched by the market for the last 2 years.
Markets change but some things stay the same. There are 3 elements at play when successfully selling in any market; price, condition & location.
For sellers, this means that pricing your home correctly is even more important! Homes have to be priced within the realm of reality. I know this will be hard for some people! Routinely now I am seeing homes sit on the market---Yep you read that right- sitting! Home sellers reducing their sales prices and sellers taking offers below the list price. Pricing is of utmost importance as you jump into the fall market.
Sellers need to be focusing on the “under 40 buyers” and update their home for today’s buyer who wants “move-in ready” homes and are willing to pay for it. Here are some trends that are good to keep in mind when preparing your home. Kitchen and bathrooms sell homes. Other upgrades that will give you 100%+ return for your money are flooring. It doesn’t have to be hardwood, it can be engineered products but wide-plank, barn wood style or grey flooring are winning selections. Make sure to paint! It’s one of the most inexpensive upgrades you can make to a home that is coming on the market. The “under 40 buyer” wants tech upgrades like smart thermostats, new systems like roofs, hvacs, water heaters and appliances.
The molasses-like market will affect buyers differently than sellers. Buyers may be able to make lower than asking offers, add back in a home inspection, maybe an appraisal, or even a credit for something! That’s right, sellers are taking offers again. So make sure to call your lender, update your pre-approval letter, and get back out there before the pace picks back up in Sept.
The market is vibrant and active and runs on trends & demands. The housing market will always ebb and flow but remember there will always be the need to buy & sell homes. So hold on folks, we should be in for an exciting end to 2021.