The Current Real Estate Market – Should I Sell My Home Now?
The real estate market has been a whirlwind to say the least these last three years. We are now moving into a more normal market. We are seeing pent-up demand for housing even though interest rates are higher than they were, homes are selling. We are now seeing inflation inching down and therefore, so are the interest rates. As of December 8th, interest rates were at 6.33%, this is encouraging to buyers and should be for sellers as well. According to real estate economists, they predict the Feds will slowly pull back raising the rates and we will see them stabilize.
The first quarter of 2023 we will see sellers deciding to sell. Inventory will increase and buyers will have more choices. It will continue to be a sellers’ market in 2023 which is good news, but we will see buyers and sellers negotiating and sellers competing to attract buyers. In fact, as of this writing, just in Pierce County 1,076 sales closed and 1,020 are pending. The housing market is still one of the best investments one can make. Buyers are tired of rents continually rising and they want home ownership.
Sellers should be encouraged if they are planning to sell and to do so the first quarter of 2023. You will beat out the competition if you are on the market before spring or summer where some sellers believe that is the best time to sell. I can say with my experience, if a buyer wants to buy and the opportunity arises to buy that perfect home, when that home comes on the market it does not matter what season it is.
Everything sells and the key is price and condition. Pricing your home to sell with the advice of a professional Realtor who does a comparable market analysis, who will show you what homes in comparison are selling for, average days on the market and condition. Professional photos, staging or virtual staging, virtual 360-degree virtual tour and a spotless, decluttered home will help you beat the competition too. Buyers and sellers now are negotiating, some sellers are helping buyers with their closing costs and lenders are offering creative financing as well. Yes, we are in a more normal real estate market – there will always be buyers who will buy – let’s make sure it is your home.
Debbie Ruvo, Realtor/Broker
Certified Seniors Real Estate Specialist (SRES)
55+ Real Estate Services
Assisting 55+ with downsizing, estate sales, decluttering, movers/packers and more.
Check out 55RES.com website for more information on moving.