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Here’s something you need to know. The housing market is returning to a healthier, more normal state. And even though it may not sound like it, this shift is a good thing.
It’s what you should expect. It’s just that the intense seller’s market has skewed our expectations over the past few years.
However, what you need to remember is that there are still plenty of opportunities to be had if you’re thinking about selling, whether that’s next month or next year. You need to stay up-to-date on what’s happening in the market and have a strategy that matches the moment. Here’s your update.
1. Inventory’s Up. Buyer Power Is Coming Back.
According to the latest data, the number of homes for sale is rising back toward more normal levels (see graph below):
However, inventory growth will vary significantly depending on your location.
If you’re in a market where the number of homes for sale is back to normal, buyers may have more sway than you’d expect. That doesn’t mean buyers have all the power – it just means they have more choices, so your home has to stand out.
However, if you live in an area where inventory is still limited, you may see more buyers competing for your house.
No matter where you are, the key is to work with a pro who can help you adjust your game plan for your local market.
2. The Right Price Matters More Than Ever
With more homes to choose from, today’s buyers are quick to skip over homes that feel overpriced. That’s why pricing your house right is the secret to selling quickly and for top dollar. That’s a point Realtor.com drives home:
“ . . . a seller listing a well-priced, move-in ready home should have little problem finding a buyer.”
Miss the mark, though, and you may have to backtrack. Today, about 1 in 5 sellers (19.1%) are reducing their asking price to attract buyers (see map below):
Here’s how to avoid being one of those sellers who have to reduce their asking price. Danielle Hale, Chief Economist at Realtor.com, says: What is the best way to obtain that information? Lean on your local agent. They have the expertise to set a price that sells in any market. Because if your price isn’t compelling, it won’t sell.
3. Flexibility Wins Negotiations
Gone are the days when buyers waived inspections and appraisals to finalize a deal. Now, because they have more homes to choose from, buyers can request items such as repairs, credits, and assistance with closing costs. And data from Redfin shows nearly 44.4% of sellers are willing to negotiate (see graph below):
The takeaway? This isn’t a bad market. It’s just a different one. And it aligns with more typical years in the housing market, such as 2019. The savviest sellers are those who take advantage of every opportunity to work with buyers and make their house shine.
And it’ll help if you think of concessions as tools, not losses. Use them to bridge gaps, sweeten deals, and get across the finish line. And don’t stress. Since prices went up roughly 55% over the past five years, you’ve got plenty of room to make a concession or two and still come out ahead.
Just be sure to work with your agent to understand which concessions could be the key to sealing the deal.
Bottom Line
Sellers who are going to succeed in the weeks and months ahead are tthosthose whorstand this market shift and lean into it with the right expectations and ttratstrategy’s talk about what’s working in our local area right now – and how we can make those wins work for you whenever you’re ready to make a move.
