Navigating the Real Estate Market: Insights and Strategies for Sellers

by Mari K Moxley

How’s the Real Estate Market?

Real estate often feels like the weather—it’s all about local conditions. While national trends give us a forecast of what’s ahead, it’s the local data that really matters.

In the Northeast, inventory levels are at historic lows—the lowest since 1995. According to the basic principles of supply and demand, this should create a strong seller's market. But the situation is more nuanced.

Over the last three years, home prices have soared by 30% or more. At the same time, mortgage rates have climbed beyond 4%, and the cost of everyday living, from groceries to insurance, continues to rise. This has led to a challenging balance: buyers are eager, especially first-timers and downsizers, but affordability is a concern.

What Sellers Need to Know

Here’s what this market means for you if you’re considering selling:

Be Patient: Homes may not sell in just three days like they used to. In today’s balanced market, two weeks is normal, and unique properties might take 30 days or more.
Expect Inspections: Buyers, being cautious, are likely to thoroughly inspect homes to ensure they’re getting value for money.
Prepare for Repair Requests: Cash-strapped buyers are likely to ask for repairs or concessions.
Contingent Offers Are Common: Many buyers may need to sell their current home to purchase a new one.

The Good News

Despite these shifts, homes are still appreciating in value, gaining equity at a steady rate of 2-4% annually. This steady appreciation provides a solid foundation for sellers looking to capitalize on their investments.

Key Takeaway

The most important step is preparing your home to shine in the current market. This means decluttering, making necessary repairs, and staging your home to appeal to today’s buyers. With a little preparation, your home can still attract strong offers.

Want to learn more about how national trends might affect your local market or how to maximize your home’s potential? Reach out—I’m here to help.

Written by Mari K Moxley, Realtor at JGK Property Group, Listing and Buyer Specialist

Ready to make your move in the real estate market? Contact us today to schedule a consultation and discover how we can help you achieve your real estate goals.