The big question in real estate today are; Are real estate prices going down? Is this a Bad time to list my house? What is my house worth? Should I wait to buy?
The truth is everyone is comparing sales, prices and the over all market to a year ago when it was a historically crazy market. Some call it a mystical unicorn others call it a sellers market, what ever name you gave the market in 2016-2017 it was a very rare market and many people over paid for their homes. Yes over paid? That spike on the chart is very clear how off the mark the market was during that time of real estate.
So what does that mean for sellers today? It means that you cannot expect to sell your home for the same price as last year. That is very unrealistic, does it mean your home is worth less? it actually means that your home price is back on track with what the natural progression of pricing has been for the past 10 years. There is a larger inventory of homes on the market meaning you have more competition. Your real estate agent should do a comparable for you and help you set your asking price.
What does this mean for buyers? Well it doesn’t mean you’re going to walk away with a crazy buy one get one free deal in real estate. It does mean that you are not going to over pay for your new house if you hire a good real estate agent who does their homework before you put in your offer. The market has balanced and list prices are fair and realistic and with larger inventory it gives you more selection.
One tip I’d like to offer buyers is get off the fence. This is a good time to buy and nobody has a crystal ball to help predict what will happen in the coming months. This is a great time and opportunity, take it.
My name is Angela Cristini, contact me with any questions I’m happy to be of assistance.