Real Estate News September 2022

IS FALL A GOOD TIME TO SELL A HOME?

Yes! Once we get past Labor Day and back to school, home sales pick up. Buyers who stepped out of the market, want to be in a new home before year’s end, and are serious will be looking for a home to purchase. Everyone knows the real estate market has slowed way down from earlier this year. Multiple offers were the norm. They are now the exception. If you look around the neighborhood you will see some homes are not selling, others have reduced their asking price, and others sell below asking price. However, homes that were prepped for sale, priced reasonably, and have a seasoned, professional Realtor representing the seller often sell in under 30 days at a very good price. As the market tightens and the number of homes for sale increases, it really does make a difference who you work with. Remember, don’t list with Ray and Jon unless you intend to move.

COULD HOME VALUES DROP?

We are getting calls from potential sellers about this all the time. Many newspapers and pundits are predicting a crash. We do not agree with the crash forecast but prices are currently soft and home value could easily drop 5%. If mortgage rates jumped over 6% and stayed there, prices could fall 10%. However, remember that values have exploded in the past couple years so you should have lots of equity. Should you sell this year or wait until spring? First, you can’t sell before you are ready but waiting if you are ready now has no upside. Prices will not be higher and will most likely be lower next year (but not crash). Let us know how we can help in planning your move to benefit you the most.