As real estate professionals, we have an understanding as to what is going on in the marketplace. After two plus years of a very active market, when prices were climbing quickly and buyers were competing against each other, it seems that things have slowed down. Some real estate pundits feel that rising interest rates and overpricing are the root cause of the slow down. While there is a wee bit of an impact from those, it’s not the real picture. When you consider that overall inventory is at historic lows, the real cause of the appearance of a slowdown is based on not having much to sell. This is evident when a new listing comes to market. If priced properly, most properties are still generating a lot of interest and activity. True that we are seeing fewer multiple offers on properties – and true that there are not as many offers going over list price. But, the sales continue to show fewer days on market and sales are staying at or very near the list price. It’s also true that you will see a few listings where a seller is still wanting to “shoot for the moon,” but if they listen to their real estate professional and follow their advice, they will see plenty of positive activity.
Bottom line: If you’re thinking about selling, it is still a very good time. Speak with your local real estate professional to find out more and take advantage of the continued opportunity.