If you’ve followed real estate news over the past few months, you’ve noticed there has been a slow-down, or cooling, of the market. As a seller, this may be a bit intimidating or confusing, and the change may have left you with more questions than answers. If you are asking yourself, “will I still be able to sell my home,” keep reading. This changing market may not be as challenging as you think.
In 2020, mortgage rates dropped and it seemed as though everyone was looking to buy. Due to low supply and high demand, agents were holding significantly higher amounts of showings than in the years leading up to the pandemic, and buyers were willing to pay larger amounts of money for the home of their dreams. This became an ideal situation for sellers whose homes had appreciated rapidly over the course of the pandemic. As the market continues to normalize, information can be misleading, and can cause sellers to wonder if they will still be able to sell their home for a decent price. The short answer is yes! Though there may be a surplus of homes available on the market, the ratio of buyer to seller still favors those who are listing their homes over those who are looking. In fact, a recent survey from realtors.com stated that 92% of all homeowners who sold this past August reported that they were satisfied with the outcome of their sale. Prices may be down from where they were earlier this year, but they are still higher than they have been in the past.
So, are we in a housing bubble? Should you wait to sell your home? Experts are saying no, and that if you do choose to wait until 2023, there is still a high chance that your home will see an increase in value. That being said, Fall and Winter tends to slow the market as is. This means that though there may be fewer sales in the colder months, the homes that do sell will most likely still see a positive outcome, especially when you work with a real estate professional that you trust.