It’s a new year, so get a new outlook… actually let’s say “look out”! Here it comes: “Everything old is new again.” What I mean by that is this ever-changing market is returning to some of its old ways.
The last few years have been pure insanity for buyers. Overbidding, waiving inspections and appraisals… I’d say that has mellowed and in some instances has ceased all together.
Real estate is geographically affected. Housing prices have definitely leveled out. Listing agents have true comps to base their pricing on. We are seeing price reductions, just like we did prior to the “Covid era.”
Yes, I said it! “Covid era.” Sellers are offering or agreeing to concessions to help offset interest rate increases and are reducing / adjusting prices. As sellers become buyers, they will hopefully reap some of those same benefits (if needed) when purchasing. Buying power has changed drastically. For example, some buyers may be paying up to $1,000 more monthly with the hike in interest rates from 3% (January 2022) to 7% (October 2022), so their dream home may not be as obtainable this year as it was last year. That is why it’s imperative you work with an experienced agent that understands the art of negotiating in your geographic area, especially if it’s your dream home that is being negotiated!
Condos and townhouses are still slim pickings but are priced according to the market. Single family homes, if priced correctly, are selling, and if not the price is being adjusted and then selling.
Sellers are recognizing their need for direction from “experienced” Realtors. Buyers are looking for agents that know how to ride this roller coaster. I’m in the front seat; I’m a leader in the industry. I’m an experienced real estate agent and have listed and sold through crashing and soaring markets. I’ve lived through it all and have worked through it all. Give me a call at 608-577-5595.
Come read my next blog to find out my answers and my views on underbidding and overbidding and what that means for buyers and sellers!
