Selling? What happens when the real estate market shifts
What Happens When The Market Shifts?
In a Seller’s Market homes sell quickly and often with competing bids due to the lack of inventory.
In a Buyer’s Market homes take longer to sell and sell for less due to an abundance of homes for sale..
In a Balanced Market prices stabilize and sales happen at a regular pace. The market is not flooded with inventory like a Buyer’s Market and does not have a shortage of inventory like in a Seller’s Market. .
How Will This Affect Me as a Seller Right Now?
The best strategy right now for Sellers is to be patient and stick to a plan while closely monitoring the local activity. Since new Buyers come into the market every day, eventually someone will come that is willing to pay market value. This results in a much higher sale price than settling for a low-ball offer in the first few days of the listing.
Homes taking longer to sell will become more commonplace as the market continues to trend from being a Seller’s Market to a Blanced or possible heading to a Buyer’s Market. Sellers need to remember that the past few years of speedy sales and record prices have been an exception, and that in order to maximize their profit they may need to be patient. Now is the time to make sure your home shows it best, to stage and de-clutter it and make sure you have it priced correctly.
For more information or for a free evaluation of your home do not hesitate to contact Theresa Coulson directly at 705-323-7673