Will My House Sell?
Most of the recent headlines across all major media outlets have, well, been negative about real estate. There is a lot of talk about a housing crash, a bubble popping, and prices eroding. However, there is a lot of research and data showing the opposite. So, most people might have to ask themselves, will my house sell? Well, here is our take on the housing market, buyer demand, and the future of selling.
Something that was made a normal during the pandemic might actually be reverting. Buyer demand, while still elevated, has finally dropped a fair amount due to near 6% mortgage rates and home prices. The normalcy of high buyer demand over the recent years looks to be fading. This can be good, as we will likely see a more neutral-leaning market. The sellers are still in control as of now, but we have seen a shift in the market signalizing a buyer’s market could follow soon.
Some of the data we mentioned above is used to show this trend. ShowingTime, a company that tracks real estate showings, has seen a decrease in the amount of showings. Buyer demand has begun to soften this year, and will likely stagnate around these levels or go lower. As we saw higher inflation and rate increases, buyer demand has pulled back.
Are Buyers Still There?
However, even though buyer demand is fading, it is still elevated. In fact, buyer demand is still well above the pre-pandemic levels. While this might not seem like the case, just remember how insane the past few years were. Buyer demand is decreasing, but still remaining above trend. This is a good sign for buyers wondering will my house sell? As demand begins to normalize and level out, the neutral markets of the years prior will likely return.
There still is one glaring issue though, and it goes hand-in-hand with demand. That is supply. we are still underbuilding and undersupplied in the real estate market. This is what has led to these record high home prices and record rate of increases. However, as mortgage rates stay higher for longer, buyer demand will eventually stall. This is exactly what the Federal Reserve wanted when they promised to stop inflation in its tracks.
Will My House Sell? Most Likely…
While things have cooled a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale