A Great Opportunity for Sellers Might Be Coming Up
Early signs are starting to point to a tailwind in the market for sellers.
So you want to sell your house in 2023 for a higher price. You want to net thousands more dollars than maybe you could have in the last month or two. You want to sell without any hassle and stress, and you want to get the price that you want for your home.
The early signs in the market suggest that the home price decreases that we've been experiencing over the last months, coming up on a year, are starting to slow down, and the market may be stabilizing. Here are the signs telling us that: First, the numbers themselves. Supply is decreasing. We just shared with you that supply has gone from about 10,000 units down to about 6,500. Demand is increasing. We see that across the board. We see a lot more activity out there.
The wild card is still interest rates. What's going to happen with interest rates? Some of the recent comments by Chairman Powell at the most recent Federal Reserve meeting may indicate that interest rates may not come down as quickly, as suddenly, or as soon as some have suggested, but that's the issue that still lingers there.
The second thing we're seeing that is causing us to think that there may be a change or an opportunity in the market for sellers is the experiences our sellers are having right now. We're getting our listings in front of the right numbers of people, and we're starting to see some traffic on properties that weren't getting any traffic or offers in the last few months. We're getting multiple requests for showings. Offers are starting to come in. The velocity is back in the market. That's clear from our experience.
"You want to net thousands more dollars than maybe you could have in the last month or two."
We're also learning that this market is moving in the right direction from our conversations with others in the industry, from the title reps and escrow officers, from the lenders that we work with, and from our trusted Realtor colleagues that we talked to. Everyone is suggesting that the activity in their market, their marketplace, or their business is increasing way more than it was as we ended the year 2022.
This may be a great chance to get yourself squared up and prepare to consider putting your house on the market. Over the months ahead, we think that with this supply continuing to decrease and the opportunity coming for some sellers, there will be a window to capitalize. They've said buy the dip to the buyers, well, sellers, here's an opportunity to catch on the tail end of that dip and maybe see some great things.
If you think that might be your case and want to know more, please contact us. We can share some information about your specific situation after we evaluate the data, look at your house and what's going on in your area, and make a recommendation that can move you in the right direction.