Plenty of Potential Sellers on the Cusp of Listing
This is truly a historic time for real estate, and it’s far from over. Rising interest rates and inflation mixing with still-low inventory has truly made it unpredictable to see what the future holds, and that’s okay. No matter what happens, our team will be ready to handle your title and closing needs.
All that said, we’re going to operate under the assumption that demand will remain high and the seller’s market will continue. You know what we’re talking about. Your sellers have seen bidding wars ending in deals they would never have dreamed of getting in the past. For this reason, being on the buying side of the deal has been extremely expensive and competitive.
However, buyers could finally have a glimmer of hope on the listing side of things. A recent survey on Realtor.com showed that 64% of prospective sellers plan to list their property within the next six months. That means that the all-time low inventory we’ve seen over the past two years will finally have a significant increase. And with interest rates rising, prices will inevitably start to fall. Less competition and lower prices will open doors for many people who have been stuck with all of the craziness of the current market.
As for the sellers, expectations will have to be lowered just a little bit as we go into the summer, although it’s still a great time to list a home. After seeing some of the outrageous deals over the past two years, it’s easy to see why anyone selling would be expecting well over asking. And that still may be the case for many; however with increasing interest rates, buyers are not going to be able to push their top dollar quite as far as they were when rates were at a record low. Here are a few things sellers are going to want to consider prior to listing in today’s market:
- Are you able to close immediately? Do you have your next move lined up and ready to go? Many buyers are looking to close right away.
- Are you willing to make some repairs if the buyer requests them? This has not been as much of an issue for the seller lately, however, as the inventory picks up, you may find yourself in a situation where some repairs are required prior to closing.
- Are you willing to accept an offer contingent on the buyer selling their home first? At the rate properties are going on and off the market, buyers need to be aggressive. Sometimes, you will get a great deal from a buyer who needs to sell their property now that they’ve found their dream home.
With summer right around the corner, everyone needs to be prepared for another wild ride in the real estate market. All the buyers out there should continue to check the listings daily and move as quickly as possible. All the sellers should be getting their ducks in a row and preparing for the mad rush that follows a listing these days. No matter who you represent in the transaction, our team is here to make sure everything goes smoothly. Contact us today!