Real estate agents across the United States are talking about down market conditions. This situation is complex and in flux, and there isn’t one answer about what it means for buyers and sellers. Some of the market’s changes at play are that homes on the market that take longer to sell, and there aren’t as many buyers ready to leap to buy the home of their dreams. Many factors contribute to this, such as the increased price of goods and services from inflation and homes falling into that category too.
According to Zillow, the average price of a home in Seattle is $927, 525 with an increase of 7% in the last year. As a sign of the down market, 42% of homes are selling for under the list price. However, 29% are still selling for over the list price. Whether you’re a buyer or a seller, here are some key factors to remember about the market as it shifts:
Market’s Changes for sellers
Sellers may wonder if it’s the best time to sell or if it’s better to wait and see how the market changes in the coming months. If you absolutely must sell now, then there’s no reason to put your plans on hold. Chances are you can still sell your home if professionally staged. However, prices may be lower. With higher mortgage rates, some buyers are waiting to see if they can get a better deal. It’s unclear if rates will rise or fall in the coming months for Seattle sellers.
Market’s Changes for Buyers
Buyers have to think about higher mortgage rates even more than sellers do. However, buyers also may benefit as prices start to go down. With the economy in flux, buyers may benefit from not having to compete with companies in the business of buying homes. They may also have more homes to choose from and less competition to deal with in general. This can be good news for first-time home buyers.
For homeowners considering their options
If you are considering upgrading or downsizing, there are some factors to weigh about staying in your current home or considering a move. Chances are the value of your home will continue to increase in the coming months. In some markets, real estate agents even point to a 20 to 25 percent increase in home values. At the same time, the cost of living is rising across the country, making the cost of running a home higher.
Wherever you stand in the real estate market, watching your specific target market closely will ensure you know the best strategy for your real estate goals. Working with a qualified real estate agent is the best first step to getting there. With markets in flux, you want to be sure that you are working with someone who knows your area well.
Guest article written by Liz Shemaria.
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