With the real estate frenzy of 2021-2022 now behind us, buyers and sellers alike are adjusting to this new market.
But with change, there is often confusion and uncertainty that follows.
If you’re like most people, you probably have a lot of questions about the current real estate market and where it’s headed.
So today we’re diving into the 3 most frequently asked questions and answers.
1. Will the housing market crash?
We don’t predict the housing market to crash. Here’s why.
A crash would happen when house prices drop 20-30% in a short period of time. Prices have declined over the last year, but there just isn’t enough inventory for house prices to come crashing down. We are at a low supply of only 2.5 months of inventory.
While interest rates have been higher this past year, there are still a lot of buyers who have the purchasing power to buy homes. No inventory and a steady flow of buyers will prevent a housing market crash.
2. What makes a house sell for more money?
Houses sell for more based on several factors. It could range from location and upgrades to function, marketability, and inventory levels. It could also be other factors that most homeowners and buyers are not aware of.
For example, in our market, a house having good Feng Shui is a big selling point and leads to higher selling prices. To those who practice and believe in Feng Shui, it is all about the energy and flow of the house.
It’s also important to keep your home well-maintained. Whether it’s online or in-person, buyers want to see a clean, inviting space they can imagine themselves enjoying. Especially for photos, showings, and open houses, take a moment to declutter the shelves, put away the kid’s toys, and freshen up the yard. It’ll make all the difference in the buyers’ eyes.
One of the biggest things to keep in mind is the pricing strategy. Your agent should guide you on how to price your home in this market. Pricing correctly and negotiating effectively will help you get top dollar for your home.
3. How can you buy and sell at the same time?
Buying and selling a home at the same time is something most homeowners have to navigate. That’s because most cannot take on two mortgages at once. When dealing with buying and selling simultaneously, your agent should keep your interests protected at all times with the use of contingencies.
You, as the seller, would have a contingency clause saying that the sale of your home would only continue once you have secured your replacement home. On the other hand, when you are purchasing your replacement home, you would make the purchase contingent on the sale of your current home.
While it may sound stressful, we are able to seamlessly navigate this for our clients and try to make the transition as stress-free as possible.
Have more questions?
Schedule a call with our team below! We’re here to help.