Are you thinking about selling your house? Unless you’ve been lost at sea you may have heard about the market slowing down over the past few months. While it’s still a sellers market, the crazy market we’ve seen over the past two years has cooled off some. Some say its stabilizing back to a pre covid market and shifting more into what we saw back in 2019.
You maybe asking yourself if you’ve missed your change to sell? Well the good new is you haven’t! There are plenty of motivated buyers out there but, you need to price your house right for the market today. “Homes that are priced right are still selling very quick, but homes priced too high are deterring prospective buyers”- Lawrence Fun, Chief Economist at the National Association of Realtors (NAR). As a result of the market changing we have seen fewer bidding wars and less competition. For example in May 2022 there were an average of 4.2 offers on a home. That decreased to 3.4 offers in June of 2022 and then again decreased in July of 2022 to 2.8 offers. Similarly fewer homes are selling above asking price. In May 2022 55% of homes sold over asking price. That number decreased to 51% in June of 2022 and was down to 39% by July of 2022.
While this is a slower pace than even one month ago, serious buyers are still actively looking in todays market. As buyer demand has softened its important to understand this isn’t the same market as last year of heck even last month but it is still a Sellers market.
If you’re ready to sell your home please don’t hesitate to reach out. I look forward to helping you through the process and navigating todays market.
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