With the summer drawing to a close the real estate market has begun to cool off. Over the last three weeks inventory has been on the rise and multiple offer situations becoming less prevalent. This
Adjusting To A Slowing Market
Dated: August 19 2021
With the summer drawing to a close the real estate market has begun to cool off. Over the last three weeks inventory has been on the rise and multiple offer situations becoming less prevalent. This has some sellers left scratching their head wondering what they should do with their property.
Fear not! There are still buyers out on the prowl looking for homes. Here is the basic run down of what we are seeing.
1. The market for homes with upgrades which are move in ready are still performing very well. The comps have adjusted to higher values in most neighborhoods giving a new top dollar standard. The best properties will still demand the top comparable prices just don't expect to exceed the new values like we have seen for most of 2021.
2. The middle of the road properties which need a few upgrades and some minor work have started to reduce in price. This is the market that should act quickly to adjust their prices accordinly. You have to be realistic and understand that you are competing against more homes than you were 2 months ago. It is a good time to utilize some staging and home prep before putting the home on the market. Prices are still better than they were 1 year ago so its not time to get greedy.
3. The homes which need alot of work are being lost in the market without a buyer. Some of these homes were selling for top values earlier in the year due to the extreme lack of inventory and high buyer demand. These homes are now becoming less appealing to buyers for their primary residence. They will need to begin reducing prices until they make sense for investors and people looking to aquire some sweat equity.
If you are thinking about buying or selling in the near future and would like some professional feel free to reach out. I'm here to help
- Andy Dirks
I love selling real estate and providing my clients with an exceptional experience they will not find elsewhere. Service, integrity, and honesty have defined my business since day one. Solid character....