Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways that a trusted Waltham real estate agent can help you navigate the current market.
Fewer Homes Are For Sale Than Pre-Pandemic
While the supply of homes available for sale has increased this year compared to last, we are still nowhere near what’s considered a balanced market. This year supply has surpassed 2021 levels by 30%. But the further back you look, the bigger the picture makes sense. If you were to look back to 2019 we are roughly 40% below the housing supply we had at the time. Why does this matter? When there is low inventory, there is still demand for your house because there just is not enough homes available for sale.
Homes Are Selling Faster Than Normal
While homes are not selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms that is in large part of the low inventory. During the pandemic we saw homes sell at record rates during the pandemic. Since the pandemic we have seen a slight uptick in average days, but still much lower than pre-pandemic times. What that means for homeowners is that if the price is right, your home could be under contract quickly.
Buyer Demand Has Moderated
This year has seen a hike in mortgage rates and that has affected buyer demand to soften. Prior to the pandemic it was typical for home sold to be 2 offers, then as the market heated up the number of offers skyrocketed with record low mortgages. However, most recently the number of offers on homes sold today are at pre-pandemic as the market cools from the frenzy. Now do not be mistaken, buyers have not disappeared, they are still out there.
In Conclusion
If you are looking to get your questions answered or have help being navigated through this market reach out to Hans Brings; A trusted Waltham real estate agent. A true professional will be able to assist you through the whole process from the homes listing to close. Get clearity today by giving a call to 617-968-0022 or by filling out a contact form on the website.