After many years of unparalleled boom in our local real estate market, in 2022 we witnessed what can only be defined as a long overdue market correction.
With average sold prices having risen by almost 40% in just two years, something had to eventually give and the long-anticipated mortgage rate hikes and a rather sudden relative absence of eager out-of-state buyers, no longer motivated by the fear of covid, finally halted this rampant growth.
And, as 2023 beckons, prices may yet have to fall further before eventually finding their level and climbing once more.
One of the biggest issues for sellers has been accepting that prices they saw neighbors achieving just a few months ago are now unattainable in the present market.
So there has been a difficult period of adjustment to the new conditions and, of course, it is a process not without some pain.
However, there are some important, and encouraging, points to remember:
- The market is only correcting, it is not in a collapse.
- Homes continue to sell, even if the process is considerably more complicated than in recent years.
- Iron County will remain a highly desirable area to move to.
- It's not just your house price that's dropping. It's happening to everyone, everywhere.
An appreciation of these factors should help anyone to realize that, with a realistic attitude to pricing and a willingness to present a home correctly, great things are still not only possible, but actually quite likely.
What is certain, however, is that the era of passive, order-taking agents is well and truly over. Relentless and professional marketing of your property and a huge daily effort by your agent to get it sold are more essential than ever.
Therefore, if you're considering listing in the coming weeks or months, why not talk to us now at 435-327-2090. We'll be happy to demonstrate how we continue to achieve great results for our clients in this challenging sales environment and suggest a strategic plan to do exactly the same for you.
