The housing market is shifting. Rising interest rates coupled with increasing inventory means that we are transitioning from a hot sellers’ market into a more balanced market. We’re entering a phase where homes are heavily competing based upon two major factors: listing price and updated features, or as we call it: a price war and a beauty contest.
As we enter into the fourth quarter, residential real estate should continue along a mostly positive line for the rest of the year, but trends are indicating that the market will become more competitive for sellers while restoring power to buyers.
Though average days on market are expected to increase, the main reason homes will sit for prolonged periods of time is that they are overpriced or undermarketed.
If you’re looking to sell in the next 3 to 5 years, now might be the best time to get the most out of your investment. Our agency will give you a realistic assessment of your home’s value in the current and future marketplace, ensuring you’re prepared for what comes next. We’re here to help you get ahead of the shift.
There’s no time like the present to educate yourself about the market. Contact us to discuss your real estate goals and the steps you need to take to achieve them.