If you’re thinking about selling your house this fall, you’ve most likely heard about the recent cool-down of the housing market. Though it is still a seller’s market, the market frenzy we’ve all been witness to over the past two years has slowed down.
Does this mean it’s too late to sell my house?
If you’re worried you’ve missed the window of opportunity to sell and make a move, don’t be! Despite a slight lull in the current market, motivated buyers are still out there, but you do need to make sure to price your house right for the current market.
Lawrence Yun of the National Association of Realtors (NAR) says:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Buyer demand has slowed over the last couple of months as mortgage rates have risen, which has subsequently made it more expensive to buy a home. However, it’s also resulted in less competition and fewer bidding wars.
So, what can I do?
While we’re in a slower market than, say, a month ago, serious buyers are still actively looking, and they’re buying homes that are priced right. In fact, the average home is still selling in just 14 days, according to the confidence index.
If you decide to put your home on the market before the end of 2022, be sure to work with your agent on pricing it correctly for today’s market. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. However, the price appreciation the housing market saw over the past few years has more than likely given a boost to your equity.
What if I wait until next year?
Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re wondering what’s ahead for the price of your home, know that experts are now answering this question, and it’s good news for current homeowners who may be looking to sell:
The bottom line is, while the housing market has cooled from its overheated frenzy, it’s still a seller’s market, but be sure to consult a real estate professional on how to price your home in order to receive more offers. Whether you decide to list your home before the end of 2022 or wait until the new year, the market remains in your favor!
Do I need an attorney to sell my house?
In the state of Georgia, a closing attorney is necessary in order to sell your home. If you are in need of one, McManamy Jackson Hollis is conveniently located in Savannah, Pooler, Richmond Hill, and Rincon. We handle the purchase and sale residential and commercial real estate – if you want to sell your house before 2023, give us a call!