The current pressures on the real estate market are all over the news.
Rising inflation and mortgage rates are rapidly changing what buyers can actually afford and today's home seller has to face some new realities.
The astonishing price growth that sellers were enjoying not so long ago has gone.
Our Iron County real estate market jumped up by approximately 40% in two years. Absolutely astounding growth that simply could not sustain.
It all sounds like bad news, and yet it isn't. We aren't seeing a collapse in the market. Instead it's a much needed, inevitable and arguably overdue correction to more normal conditions.
Unfortunately many sellers are having to be very realistic about the value of their property.
While price wasn't much of an issue for buyers in the past couple of years or so... it is now!
Even home condition wasn't critical... it is now!
As one top real estate figure recently put it: "It's a price war and a beauty pageant."
Succeeding in this changing market often requires a different mindset, even compared with a few months ago.
A home that is priced correctly will still sell. But with fewer buyers having more choice due to increasing inventory, there is simply more competition.
Prices are often dropping as the market finds its new level and the situation will get worse before it begins to improve. But that doesn't mean that most sellers won't achieve great returns in selling right now. Remember also that if you intend to buy another home, that is likely to become cheaper too!
Why not contact us today at 435-327-2090 for an informal discussion of how to take advantage of the great opportunities that still exist this summer.
