We are aware of the housing market slowdown from the frenzy we saw over the past two years. But what does that mean if you’re thinking about selling your home?
Because real estate prices are still appreciating although at a slower pace and mortgage rates are rising, there are more homes on the market. This new market requires sellers to be incredibly careful about how they price their home.
During the pandemic, sellers could price their home higher because demand was so high, and supply was so low. This year, things are shifting, and that means sellers need to rethink their strategy. The price set for homes sends a message to potential Buyers. If you price it too high, you run the risk of deterring Buyers.
If you need to lower your price later to attract more Buyers after it has sat on the market for a while, it can be seen as a red flag. Some Buyers will wonder what that means, and it can be a serious “turn-off.” Your Real Estate Agent is the best able to give you a true picture of what the market looks like in your area to help you set a suitable selling price.
Real estate experts have a saying: “If it’s sitting there, there are three reasons: price, price, price.” That may not have been the case a few months ago, but today’s Buyer is savvy enough to know that the market is not what it was for the past couple of years. Buyers will not be as quick to jump without negotiating.
So, if you are a Buyer in today’s market but are finding it difficult to obtain a loan or want to make a stronger offer with a quicker close, consider a short term private loan from Sun Pacific Mortgage (707-523-2099) or visit our website at www.sunpacificmortgage.com. We have helped thousands of Buyers like you for over 34 years in California. We can help get you into a mortgage fast and with far fewer hurdles to jump over – our average days to close is just 2 weeks!