All across the country, real estate agents are having difficult conversations with home sellers who can’t quite accept that they won’t get the same price a neighbor did several months earlier. We’re currently seeing the average home price decline slightly in conjunction with there being an increase in market inventory.
It’s been difficult for sellers to adjust to the current market conditions when they’re are basing their expectations on past information that’s still out there. In the housing market, the past is still with us in a way that is psychologically and emotionally confusing.
It’s better for sellers to accept the updated home values and trust your realtor’s expertise than to learn it the hard way, by overpricing it initially and having your home sit on the market for some time. The longer your home sits on the market, the more reluctant buyers will be to take a look—and the cycle spirals downward from there.
We’re advising our clients to understand a few things about how the market is very different from 6 months ago:
- First, we must understand and get used to the fact that homes will typically not sell immediately now. The market has returned to a more stabilized condition in which it can take several weeks up to months for a home to sell. With interest rates increasing, home buyers are not busting down the doors to secure a home. They’re taking their time and making very cautious decisions.
- Secondly, when pricing your home to sell, make sure to consider current comps and not those from 6 months ago. Look at listings that were pulled off the market to see if there are patterns with those properties. If your pricing does not spark interest right away, adjust immediately. It’s best to set the correct price initially. However, if you don’t, it’s critical to act quickly and decisively to get it right the second time.
We know selling a home today can be an extremely confusing and emotionally frustrating situation. It’s hard to realize how much the market has changed from just a short time ago but we are here to help you navigate the ups and downs of the market. We are here to help you get you the best results possible in the current market!
Have questions about your home’s current value? Please reach out at our website here and we’d be happy to provide you a free comparative home analysis report!