Today, we’re talking about our current market. Right now, our market is shifting, so you definitely need to hear this.
Last week, for the first time in a long time, an appraisal came back where the appraiser did not give the full value of what the buyer and seller had agreed upon.
We were representing the seller, and we were pushing to sell for the highest amount we could. We contested some points of the appraisal, but ultimately, the appraisal stood. What that tells me is our market is definitely stabilizing, so sellers can’t reach that higher ground now. My broker even told me that if our listings had not sold, we need to make a 10% price drop.
The good news is that we don’t have any listings that haven’t sold, but this is just another sign that the shift I’ve been talking about for the last couple months is happening now. “” What does this shift mean? What do I need to do for my clients? Basically, I can report on the market and let you know how you can be successful. For sellers, this means we need to be a bit more conservative. We will have open conversations about what you can expect, and how you can get top dollar in this market.
The market is warming up to buyers. This gives buyers confidence, so we need to make sure your home is priced correctly as the market continues to slide. If you’re thinking about selling, now is the time to do so.
Buyers may lose confidence as prices go down, but with low interest rates, now is the time to buy. What you can afford to purchase will be better now than it will be next year, when we’re looking at higher interest rates. I’m actually purchasing myself because right now, buyers can afford a better house for a lower monthly payment. If you’re buying now, have confidence. You’ve made a great decision!
If you’re making a decision about buying or selling, sit down and talk with me about your specific situation. I can figure out a way to make your home dreams come true.
If you have any questions, give me a call or send me an email. I would be happy to help you!