Redfin’s analysis shows that as of September, the number of newly listed homes is down 20% from the previous year, and homes have been on the market for 32 days, 13 days more than the previous year.
But if you want another sign that the market is declining, ask the people who make it business: real estate agents.
In October, 37% of realtors were having trouble paying their office rent, up 10% from the previous month.
Sure, it’s a competitive career. Membership in the National Association of Realtors will reach a record high of 1.56 million in 2021, up from 1.49 million a year earlier. but, Available inventory falls off a cliff When Rising interest ratesmany agents are struggling.
So where do those who want to sell their home (or sell) now go? Sure, you have to be a little smarter, but there are still a few ways you can give yourself an edge.
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Timing Isn’t Everything
Considering sell your house, think of a process like a business transaction. You have a product (home) that you sell to a customer. It is important to anticipate the wants, needs and desires of your customers and market your products accordingly.
As the market changed, power suddenly shifted into the hands of potential buyers. If you’re selling your home to make a profit, you might want to reconsider your motives.
Bradley Watson, a broker and investor in the Greater Toronto area of Canada, said:
If you’re thinking of selling your home, don’t make profit your primary motivation.Trying to play in the real estate market It can lead to further disappointment and frustration, especially if you bought a new home before selling your current one.
If you decide to sell your home, you should consider changing attitudes towards home sales. Demand is still there, but realtors are seeing a clear shift in the market.
They no longer see homes or see extreme bidding wars over homes. Instead, it seems to have some stability.
“We are just… adapting to change,” says Watson. “In a balanced market, you don’t see a lot of price increases. Where a neighbor might have seen him selling $100 or $200. [thousand] Higher than that in some regions…don’t expect it as it was the product of a very tight seller’s market.
with market cooling, homes will take much longer to sell and will not be priced nearly the same as they once were. If you buy a new, more expensive home before selling your current home, you may have to take out two mortgages for a while, or your new home financing may fail.
Also, be aware that even if you think the sale is complete, problems can still arise.
Watson suggests planning ahead about what you’ll do to be able to close your new home, even if you can’t sell your current one.
The value of a home inspection
When the market was hot, buyers didn’t have much room to bargain.
“In the heat of the market, we are looking for at least five or ten multiple offers without conditions,” says Watson. “In the hottest neighborhoods, we have found funding terms to be lost. Home inspection terms are almost gone.”
“I think there is [were] Many problematic properties were sold and the buyer accepted. “
That dynamic is already starting to shift. But it also gives sellers the opportunity to: Use home inspection to their benefit.
By conducting an inspection and including a report for prospective buyers to see before the home is put up for sale, you can establish an asking price for the home. It also leaves less room to negotiate the final price because there are no surprises for the buyer.
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This article is for information only and should not be construed as advice. It is provided without warranty of any kind.