Everything in the news has been pointing to home buying slowing down and a recession just around the corner. It seems that with Halloween creeping closer buyers are getting more and more spooked! But don’t worry we have some news that will hopefully ease your worries. Starting with the fact that the buyer demand hasn’t slowed, it simply eased from the huge spike we saw in the last two years.
The pandemic brought around a lot of changes, with mortgage rates hitting record lows and an increase in buyer demand. This year we are no longer in a global crisis but here we have a couple of new factors affecting your future buyer. Factors such as the rise of inflation and the increase of interest rates have pulled back buyer demand.
Even so many real estate professionals, including yours truly, say that though the market has shown signs of cooling it continues to be a good time to sell. With the help of your local agent, you can still find the right buyer with your home’s market value price. Likewise, although mortgage interest rates may scare some buyers it also spurs others into action before it can get any higher.
All that being said there is one other reason why now more than ever is still an amazing time to sell, the housing inventory. When supply is low and demand is high, as it still is, selling your home can be more profitable. The total inventory of homes for sale is still quite low, sitting at about 3 months of supply. Even though seasonal demand, low in the fall and winter, can decrease demand slightly in the short term, the housing inventory is still expected to remain tight for the next couple of years.
Buyer demand hasn’t disappeared, it simply hit a moderate level. If you feel that you are ready to sell, then lean on us to help you understand how the market has shifted and how to plan accordingly.
