I recently read an article in the Wall Street Journal that I wanted to share with you. The article talked about how experts predicted that home prices were going to decrease at the end of 2022, beginning of 2023, because of the projected increase in interest rates. Well, interest rates DID increase: we’re no longer in that 2.5-3%, we’re more in the 6-7% range.
What this article goes on to talk about is how those sellers, or homeowners, that didn’t really need to sell, but maybe just wanted to, ended up choosing not to sell after all because of the interest rates. However, there are still a lot of people that NEED to sell. So, because of the increased interest rates, and people deciding not to list their house, that reduced the inventory of homes on the market. Therefore, the prices did not decrease because there still was enough demand for the volume that we have. So prices have remained pretty steady.
If you have a home for sale, you may be thinking, “well if that’s the case, why hasn’t my house sold?” Well, there are normally 3 reasons why a house may not be selling and instead just sitting on the market. Those 3 reasons are: Price, Condition, & Exposure.
PRICE: You need to evaluate what you have your home priced at. What has sold in the last 6 months in your area, and what is actively on the market? You need to know that information so you can position your house properly in the market.
CONDITION: What does your curb appeal look like? Are your flower beds cleaned with all the weeds pulled out? What about your front door and front door handle? Does your front porch look nice and welcoming? When you walk inside the home, does it smell nice? Is it light and cheery, and are your floors clean? Those are important items to take notice of in this market!
EXPOSURE: Your home needs lots of exposure! You need amazing, professional photos of your home with bright, blue sky exteriors. Your interior photos should show the floors and how big the rooms is. The home needs to be put on several different platforms: social media, open houses, and print media. There’s a lot of different avenues to get exposure to draw attention to the home so you can get the best price possible.
If you or anyone you know is thinking about buying or selling, give us a call! My team and I are on standby 7 days a week, 9 AM to 6 PM, ready to help you take the smoother road to sold!