Low inventory, bidding wars aplenty, and interest rates that are only getting higher? The question is: should clients sell right now? The answer it seems is: yes, now would be the time to sell for clients across America. Of course, there is the situational caveat when it comes to buying another home, paying taxes, etc. This, of course, is where agents come in to advise their clients on what their best course of action is.
The Market Is Changing
Top Dollar Before Interest Rates Maybe Soften the Market?
It's a fact that interest rates are rising and will continue to do so in 2022 and 2023. Many real estate experts and advisors say that due to this rise, the housing market will soften. Some say that listing prices will go down exponentially, while some say it'll be a gradual slope. Either way - for sellers and potential sellers - this means that selling now is the best time.
Sure, there is 100% the chance that prices will stay the same, inventory will stay low (because people aren't selling), and this strong seller's market could continue to flourish for years. The real estate market isn't something that can be so easily predicted, especially when it's been as volatile as it has been lately.
What About Buying...?
The stress most sellers are experiencing is where will they buy? This depends on the buyers that agents are working with. Sellers turned buyers often have more options than most because they have the capital of their sold home on their side. But, if they aren't wanting to do some type of exchange, or are balking at high prices - buyers and agents might run into some problems.
At the end of the day, before a seller decides to list their primary residence, their agent needs to ensure that they're ready, have a game plan, and have realistic expectations.
Situational At Best
Selling, or buying for that matter, is situation at best. Should clients sell right now? Yes, if they want the highest chance at a quick escrow with a high return. But also: no, if they're concerned about competing in a heavy seller's market and are in a time crunch. Agents are here to help their clients and solve all of their real estate needs.
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