As economic times slowly begin to toughen up, we can see rough waters ahead and a real estate market that will certainly feel the pinch. If you’re on the fence about if now is the time to put your home on the market, let’s look at why you shouldn’t wait to sell your house in Mercer County.
Buyers Are Dwindling
It has taken quite a while for this to happen, but the demand for homes has finally begun to slow down as the cost of living increases. And this is a very good reason why you shouldn’t wait to sell your house in Mercer County.
The real estate market went through some serious ups and downs over the last few years, but high property values and surging demand led the way for a seemingly unstoppable seller’s market. Now that the most motivated buyers have likely purchased their new home or decided to step out of the market, for the time being, the stream of buyers has started to slow substantially. Part of this comes down to uncertainty with our collective economic futures, and will likely result in the current seller’s market shifting in the other direction for a period of time.
Besides changes in demand, the Federal Reserve has raised interest rates for home loans on three separate occasions over the last year. Higher interest rates lead to tightening of mortgage lender requirements for qualifying borrowers. This means fewer buyers will be looking at the market as the number of individuals qualifying and getting approved for mortgages goes down.
Values Are Holding Steady
Despite the overall rather negative economic outlook, buyers are still desperately trying to get their hands on their next home, and that translates to big profits if you’re trying to sell your house in Mercer County.
We have watched as properties continuously sell for well over their asking price as multiple buyers swoop in attempting to snatch up the property quickly. This high competition between aggressive buyers more often than not becomes a bidding war where buyers are constantly doing their best to outdo the other buyers. The simplest way of one-upping the competition during this time has been to throw more money at the property in hopes it wows the sellers, and this remains to be the case.
Cashing in on these extremely motivated buyers is a smart move for any seller even mulling over the idea of selling their home, but you also want to enter the market with a solid understanding of where your property stands in terms of pricing. Before moving forward with putting your home up for sale, take the time to compare the closing prices of homes similar to yours in your area.
A little bit of time invested in knowing the acceptable price range commanded by properties in your neighborhood will only help you out, and it could also provide you with tools to create leverage during negotiations.
Supply Remains Limited
Alongside the market influence of high demand, low inventory of homes for sale has been a major complication for buyers over the last couple of years.
When researching your local market for pricing information, you’ll notice that there aren’t many homes up for sale, and the ones that are for sale are likely already pending sale. We don’t expect things to change in the near future, and you’re almost certainly going to have little competition.
This doesn’t mean you can take it easy and preparing your home for sale like any other time is absolutely necessary.
Your Partner to Sell Your House in Mercer County
The market these days is tough, but it doesn’t have to feel impossible to jump into the real estate game with the right team behind you. If you’re looking to sell your house in Mercer County and want an experienced, knowledgeable partner in the process, contact us today at 609-325-1705!