New Expectations for a New Market
Do me a favor & watch this clip
The infamous “PIVOT” seems like the perfect analogy to describe this new market.
Honestly almost overnight..things have shifted. So with shifting comes new expectations. It is our job as your real estate agent, your educated advisor, to keep you up to speed so you won’t have to skip a beat when your time comes to step into the market - whatever that looks like for you.
In the last 3 months we’ve seen more listings + longer days on market. There are so many people out there waiting for a crash (hoping probably more like it) and it’s just not coming. Check out this previous blog post to understand why I say that!
Here are a few things I’ve noticed the market has been saying
1.Run away pricing is no longer - The days of Sellers getting $50k over asking are few and far between. With more inventory coming on the market and interest rates still expected to rise, the purchasing power has shrunk for some buyers. Sellers are going to have to focus on pricing per the market recommendations.
Multiple offers are still a “thing” but they will definitely decrease. Where we were seeing 8-9 offers before, 2-3 offers in this new market would be making us do that happy dance. Properties have seen more single offer transactions in the last few months then they have in the last 2 years.
2.Breathing Room - Buyers are getting the breathing room they need. A lot of them will want to see how many offers are on the table before they make theirs. In our world, the breathing room is welcomed. Buyers are able to make smart, educated decisions which in turn leads to a smoother transaction with “Buyers Remorse” taking a decline.
Buyers are still required to submit a strong offer - although the definition of “strong offer” has shifted along with the market. In some cases offering the asking price is considered strong.
3.Presentation Matters - In the last few years, listings have gotten away with little to no repairs made, little to no prep and Buyers were just expected to take it as is. That has also shifted. Sellers are being asked to make repairs and Buyers are wanting to see the home in its best condition.
Prep & Market placement matters more in this market now than it has in the last few years. With proper preparation, you absolutely can keep that buyer engaged & excited throughout the whole transaction – which in turn makes the transaction smooth for everyone.
Curious about market prep? Here is a link to our Seller series to take a little peek!
Sellers, what can you expect in this new shift?
You may feel a little bit like Chandler yelling at Ross when asked to pivot. 🥴
It’s been a good time to be a Seller these past few years + I get it - it was a sudden shift. The quicker you can hop on board with what needs to be done to meet your selling goals, the better off you’ll be in this market. Remember, early adopters get rewarded.
Buyers, what can you expect in this new shift?
It’s important to remember that our market is still very strong. Just because it’s opened up a little for you does not mean that we don’t keep our game faces on. The cleaner the offer, the smoother time you will have as well. You will see the breathing room you’ve been looking for – but taking too much time can hinder you.
The best thing we can do in this market is to put ourselves in others' shoes. A real estate transaction is a team effort & it matters who you have in the boat.
