Be Realistic if you Want Results

What is up with this market? Oh, my goodness! One day, you make an offer and there are 18 other offers that you're competing with. Then, the next day, a house sits on the market for a month. What is going on?

Well, here we sit at the beginning of 2023, and the market has changed for sure. There are some reasons as to why the market switched up on us, the majority of which is due to interest rates going up from being about 2.5 percent to around 6.5 percent. If you don't understand what that means, it's just a difference in your payments.

But what I'm seeing in the market right now is that sellers need to set realistic expectations on what their house is going to bring in. A buyer who could afford $350,000 a year ago may only be able to afford $275,000 this year. Sellers, you've got to be realistic about your prices. Buyers, you've got to be realistic about what you can afford. And so, we're going to make sure that we're looking at houses within your price range, and that's where the lender really helps.

So, the market is actually in some ways better, because right now, if you're a buyer, you're actually able to buy a house. You're not competing with 50 other offers. Sometimes, you're the only offer, so there's some leverage for buyers. Now, sellers, don't panic! We are not in a buyer's market yet, but we're probably headed there. There's still opportunity to sell your house for a really nice profit because of the way that the market has gone.

I know this is a lot of complex, complicated craziness, but I'd love to sit down and talk with you about what this all actually means. Well, there's the scoop! Edna Wilson, your Hometown Realtor, as Hometown as Apple Pie.