As you can see our median home price and the amount of homes that have been sold year to date are both down from last year. What this has done is it has created, from what I am seeing, an opportunistic market. What I mean is simply that we are in a more neutral market at this time, not leaning too far in the seller’s or the buyer’s market direction. I have seen multiple offers being made on one home and I have seen other homes sit actively on the market for months at at time with very little interest. So if you are looking at it from a buyer’s perspective, there are a lot of sellers out here who do want to sell their homes and they understand that the rates are making it difficult for some to purchase. These seller’s are exponentially more willing to negotiate and potentially give out more seller concessions or seller credits to you, the purchaser, in order to buy your interest rate down, help towards repairs, or even just negotiate a lower price in general.
From the Seller’s perspective, it is pretty simple. If you have your home for sale or are thinking of selling it, make sure it is priced properly. The homes that are selling more quickly than others, and at a solid price, are the homes that specifically know their value and are priced well when they first go onto the market. The homes that tend to sit stagnant, are homes that get over-priced initially and they don’t correct their pricing in a timely manner. Sometimes the seller and realtor may not have a pricing strategy at all. A smart listing and marketing strategy are extremely important when it comes to listing your home. Granted, this is all on a case by case basis. Some homes and areas can be on the market longer, due to a limited interest buyer category (waterfront, gated communities, niche communities, horse properties, rural communities, etc.).