What’s Happening in the Real Estate Market This Summer?

 As we head further into the summer real estate market, tons of people have been asking me, “What’s going on in the market right now?” I get it; if you’re looking to move in the near future, you want to be informed about what’s happening with real estate. The truth is that home prices are still high in most areas; however, they’re starting to come down in a few places that were most affected by the pandemic boom market. While we don’t know for sure what this means for the country at large, it might be safer to make a move sooner rather than later. With that in mind, I’m sharing three key points about our housing market you need to know if you’re planning on making a move this summer: 

1. There is a severe lack of inventory. Right now, a lot of people who would otherwise sell their homes are staying put because they have a low interest rate locked in with their current mortgage. As a result, inventory is incredibly low, and you’ll have way less competition than normal. Because of this, you can still sell quickly and at a good price as long as you work with your agent to build a strong marketing strategy. 

2. Buyers are very motivated. Right now, buyers across the country are as serious about purchasing your home as any I’ve ever seen. Think about it: Interest rates are still high, and home prices haven’t come down to compensate. If someone is looking at purchasing a home right now, it’s because they really need to move. This means you won’t have to deal with window shoppers, and you won’t have to have as many showings before you find someone willing to offer you a great deal. 

3. Pricing and condition are critical. Buyers are motivated right now, but that means they won’t put up with overpriced or poor-quality homes. On the other hand, they will be willing to pay a premium if your home is in good condition. Take the time to work with your agent and fix minor repairs before you put your home on the open market. Also, work together to find a price that fits your local market—one that isn’t too high or too low. 

You can still get a good deal this summer, but the future of our market is uncertain. If you have questions about where things might be heading or are interested in selling your home, call or email me. I’d love to hear from you!

3 Reasons Your Home Might Not Be Selling

 

Three reasons why your home isn’t selling and what to do about it.

Are you struggling to sell your home this summer? As we transition from the spring to the summer housing market, inventory is increasing in our area. More people need to sell, so if you expect your house to fly off the market like it’s April, you might be in for a rude awakening. The good news is that you don’t have to settle for a drawn-out home sale. By taking the right steps, you can still receive top dollar and sell quickly in this market. Here are three things you can do if your home isn’t selling: 

1. Make sure your price is right. Since more homes hit the market during the summer months, the market rate for your house might be changing. Double-check comparable properties, especially those that have hit the market recently, to see if you need to make an adjustment on price. Your real estate agent can also run a comprehensive market analysis, which will give you a more complete picture of where your home stands in the current market. 

2. Address condition and accessibility. The two biggest issues buyers have with homes in this market are condition and accessibility. Right now, buyers want to put as much money down as possible so they can lower their monthly payments. This means they don’t have a ton of money for repairs, so make sure you’ve addressed major issues before getting to negotiations. Next, make sure your house is as available as possible for showings. The more showings you have, the more offers you’ll receive, and the better deal you’ll ultimately get. 

3. Reexamine your marketing strategy. Depending on your real estate agent, your marketing strategy might be out of date. We are no longer in the red-hot pandemic market, and you need a more aggressive strategy to be successful. If your agent isn’t doing effective follow-up with buyers, advertising your property online, or guiding you through the market, it might be time to find another Realtor. 

If your home is struggling to sell, please call or email me for a copy of my marketing plan. I can also run a comparative analysis on your house to check if it is priced correctly for your market. I look forward to hearing from you!