Why sell your home with a realtor?
The real estate market has shifted and is continuing to shift. Depending on how these interest rates move over the next few months and whether or not there’s more homes available for sale will greatly determine how much of a shift the market will become in favor of homebuyers. You may be wondering how all this translates to a buyer’s market?
Well the demand for people to purchase a home hasn’t disappeared but the ability for the people to purchase is starting to diminish as a result of the interest rates increasing. For example, a home that had a price of $500,000 6 months ago cost an average home buyer $3,028 per month for their mortgage payment but now a home that has a price of $425,000 costs an average home buyer $3,053 per month.
So there are fewer buyers than can afford that price point for a home, which means the likelihood of a seller getting over the asking price or multiple offers on their home has reduced significantly. Therefore, it’s less competitive for home buyers to purchase the home they desire. What’s preventing this market from being a true buyer’s market is the lack of homes still available for sale. If the interest rates stay the same or further increase along with more homes becoming available for sale, then it will become a buyer’s market.
If you’ve been wanting to sell your home but haven’t because there haven’t been many options for the home you’re looking for then the time may be coming next year. In addition, if you need to sell your home before buying another home, then this will be helpful for you as well because other home sellers will be more likely to accept a contingent offer on their home. So if you’re considering selling your home, let’s set up a time to discuss if this is the right time for you or not.