I don’t think there is anyone who would disagree that the real estate market over the last few years has been anything but interesting. We watched home prices creep up, bidding wars push offers way above listed prices, houses selling after only hours on the market, and heavy appraisal guarantees covered by buyers because even the appraisers couldn’t provide values high enough to meet their offer prices.
Although the market was very strong for sellers, problems occurred when their properties were under contract and they turned to buy. The inventory shortage, even considering the inflated sales prices, prevented many sellers from listing their properties because they couldn’t find a property they wanted to buy.
With all of the challenges the current market is presenting us with, experience is what you need to succeed.
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As 2023 begins to roll into warmer weather, the trends that will dictate the direction of our market for the remainder of the year are emerging.
Highline Housing Market Trends of 2023:
- Median home prices year-over-year are down 1% and are predicted to decline to 4% lower than 2022 pricing.
- Inventory levels on the market by February 2023 have increased 65.5% nationally year-over-year from this time in 2022.
- Inflation has continued to dampen the budgets of buyers along with mortgage rates creeping up toward 7%.
What exactly does all of this have to do with you, my interested sellers? When you list a home in this market, you really need to price properly. If you hit the ground running with a strong selling price that is realistic and in line with what the market will support, you will still have an opportunity to take advantage of the strong pricing that we have seen over the past few years. There are still many buyers who have been looking for awhile and have not been able to find a property that suits their needs. It is always important to pay attention to the comparable properties and try not to let greed cloud your judgment. When you price yourself out of the market, your home will sit. When a home sits on the market, buyers begin to question what is wrong with it and statistics have shown, time and time again, that this strategy leads to lower sale pricing in the long run.
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When choosing a Realtor to help set your pricing strategy and sell your home, make sure that they are the person you will be working with throughout the deal. The agent you sign with should be the one to answer all of your questions along the way so that nothing slips through the cracks. With all of the challenges the current market is presenting us with, experience is what you need to succeed. The creativity and finesse that an experienced agent can bring to your deal will not only eliminate bottlenecks throughout the process, but will also net more cash in your pocket.
When you are choosing an agent, ask a bit about their skill set. What makes them stand out and how will that get you more money for your home? Ask about their plan to market your listing – simply popping it up onto the MLS isn’t enough by today’s standards. Before you sign, take a look at some of their past listings; make sure that no detail was overlooked. To get the highest dollar for your home, you want to attract the largest audience to provide yourself with the greatest opportunity.
Now that you’re ready to get your house on the market, make sure you have crossed your t’s and dotted your i’s. Talk to your agent about staging your home and about any touch-ups that can help the property shine. Create space, clear the rooms of personal knick-knacks, and make sure it is well-lit and clean as a whistle. Buyers fall in love with your home first through the photos posted online. A great agent will take professional photos – if your agent pulls out an iPhone to save money on the listing, you’re in the wrong hands.
Best of luck on the market!
