07/13/2022
Hello Facebook Family,
As the market starts to settle down, less competition among buyers and a steady inventory of homes means a better chance of winning the home you want for close to the asking price.
That can be a win-win for buyers and sellers in the coming months.
If you find the right house for you and it's within your budget, this is a good time to buy. Prices are settling and interest rates will continue to fluctuate, but you can refinance if the rates drop significantly again and your home will appreciate in time.
I'm keeping an eye on local and national trends so I can help you better understand what's going on. Here's what I'm seeing in the market from the four weeks ending July 3:
The national median home sale price was up 13% to nearly $400,000, but there are signs that price growth is starting to slow. The share of homes with price drops climbed to their highest level since at least 2015.
What BUYERS need to know:
The market is cooling down, creating more opportunities for buyers to win. I wouldn't call it a buyer's market just yet. Competition is still dependent on the home and location. Popular homes may get multiple offers, while other homes are sitting on the market and dropping their price.
The good news is we're getting more offers accepted with inspection and other contingencies, as well as FHA and VA mortgages. More sellers are willing to negotiate on price. Once you find the right home, I can help you craft a strong offer and negotiate the best terms.
Though we've seen mortgage rates fluctuate, they're likely to remain above 5% this year. If you're interested in hearing more about each of your financing options, I can connect you with a Bay Equity mortgage advisor.
What SELLERS need to know:
Although the market is becoming more balanced, desirable and well-priced homes are still selling quickly, with the typical home finding a buyer in 18 days.
Home sellers are adjusting their expectations because it's a different market than 2021.
Last year, it was a popular strategy to under-price a home to generate a bidding war, but now it's critical to set a fair price and not simply assume every home will be bid up over asking. I can develop a pricing strategy that will encourage strong offers, minimize your time on the market, and avoid a future price cut.
The market will likely cool further as the summer goes on because many buyers prefer to move before the start of the school year.
If you want to sell your home this year, let's talk about timing. My team can help you get your home on the market quickly, and make it stand out with gorgeous photos and a 3D walkthrough.
I hope you have a wonderful month of July and are able to take advantage of some gorgeous summer weather! As always, reach out to me anytime to schedule a strategy session, or just to chat about your home journey.
770-468-2204