Pricing home to sell in a changing real estate market
From Inman News’ Dian Hymer, “The number of home sales in July was the third highest ever recorded, according to the National Association of Realtors. But anecdotal evidence suggests that the market is changing. In some areas of the Midwest, home sales have slowed considerably. In California, home sales remain brisk, but the market is cooler than it was in early spring.”
“You will probably face more competition than you would have if you sold last spring. Other homeowners also think now is a good time to cash in on the phenomenal appreciation that has occurred over the past few years. This doesn’t mean it’s not a good time to sell. But it does mean that you might not sell with multiple offers, so don’t count on extreme overbidding. It could also take longer to sell. You might face more negotiation.”
“Don’t waste your time testing the market at an unrealistic price. This market is for serious sellers. There are plenty of serious buyers for listings that are priced for sale at current market value.”
Her point is that the rise in inventory is giving buyers more time to consider their purchase and sellers might only see an offer or two, but sales are still strong. This is giving us a more balanced market, but is not a market decline. If you’re a buyer, there is lots to see out there right now… Are you willing to take the chance that this abundant inventory will continue into next spring? History would say it won’t.
