By Barbara Lehrer
Real Talk
Barbara Lehrer
Inventory is rising, but this is not a buyer’s market, as most would think it would be. This is a market based on proper pricing, a new discipline for the prospective seller.
Proper pricing recognizes that the potential buyer is tired of paying high and worried about interest rates, along with more efficient selections to choose from.
Most sellers are also going to be buyers at some point. Everyone is therefore more careful about their selections. Higher inventory gives buyers more choices, but the current monthly payments now mean buyers are more selective. Prices have not fallen because inventory is up, but conservative sellers realize that at the right price their homes will not sit on the market.
Home values and affordability are important. Buyers may negotiate harder on a deal, hesitate longer and walk away faster with inspection issues. Listings that sit get flagged as having something wrong in this market.
It’s a great market when choices and prices align, so use your real estate agent. These professionals know the properties that sold, inside and out. The right price can get strong attention right away. Overpricing can be an expensive mistake, not only taking up valuable time but resulting in less profit in the end.
I would call this a seasoned market, one in which prospects are reasonable, and buyers and sellers respect each other and their positions in a transaction. No one can chase yesterday’s prices. There needs to be a balance in the market, which happens when all the homes are priced in order of their amenities – location, topography, square footage and condition – with statistics of the most recent closed sales.
Buyers can expect the prices to stay level. With guidance on the price point where their offers should come in or how they qualify to purchase, the community keeps the cycle going. We were low and slow, with minimal inventory. Now it is to everyone’s advantage to have more homes to choose from in order to offer out their prized possession – their home – to the best bidder.
Change up your living style now. The current situation is a great opportunity. If you have been keen on moving, now is definitely the time to shop around. Sellers are rewarded with opportunities to close on their properties when they make the right decision on price.
The frenzied rush to do deals has subsided. Those times are gone, and we can all breathe easier. Understand the current trends and join in on this healthy market. I am always available for further clarity.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.