If you’ve been waiting to sell your home, now is a good time to act.
Over the last couple of years, sellers saw home prices rise month after month. We knew the market would change, but we didn’t know when. Now some sellers are saying it’s too late to sell, but is that true? Have you missed the peak of the market?
Housing was softening as we entered 2019, but COVID lockdowns drove buyers into a frenzy. We saw astronomical appreciation over the next few years; however, as we entered March of 2022, it started to change. Interest rates rose, and buyers started to back off. The Mortgage Bankers Association recently reported a 21% year-over-year decline in mortgage applications.
Have you missed the peak? Homes are taking longer to sell, but most are going under contract within 30 days. On top of that, homes in great condition located within good school districts are still receiving multiple offers. Inventory remains historically low; the number of new listings has decreased by 20% since April.
Showings are not as frenzied, and prices aren’t as crazy, but the buyer demand is still there. If you’re considering selling your home, call or email us today. We’d love to help you.