Fall Market Update

The weather isn’t the only thing that has cooled off in the past few months.  The housing market has also experienced some changes that have given many a reason to pause the decision of whether or not to buy or sell.  While it is true that the costs of homes and mortgage rates are up over last year, for those who still want or need to move, this might not be as bad as it sounds.

Just a year ago, homes were being sold quickly, often sight unseen with few to no contingencies, piles of offers and bidding wars for amounts well above asking prices that were already higher than other neighborhood values.  Many sellers were nervous to list their homes because they had nowhere to go if their home sold quickly. 

Fast forward a year and market conditions have changed quite a bit.  Everything costs more right now, including houses.  Some buyers have decided that either because of the higher costs of a new home or the increase in costs to borrow money, now is not the time for them to move.  That means less competition for the buyers who remain.  With fewer buyers, homes are typically staying on the market longer which has spurred some sellers to make price adjustments or other concessions to close.

The purchase or sale of a home is a large financial decision and almost always challenging even under the best of circumstances.  Whether or not this is an ideal time to buy or sell depends on your goals and needs rather than the chatter of the media about what may or may not happen.  Do you need more or less space NOW?  Are you ready to move?  Is your financial house in order?  How much of your budget can you dedicate to a down payment and new mortgage payment?  If you want to list your home, are you and your family prepared for a longer listing period of weeks rather than days?  Do you have realistic expectations for your list price based on current market conditions?  Would you consider pricing or other concessions to facilitate a sale? 

Although market conditions have changed over the past few months versus a year ago, this may still be the time for you to buy or sell based on your specific circumstances.  I would be happy to answer any questions you may have about your home’s value or help with any of your other real estate needs!