There seems to be general consensus that the real estate market is transitioning from the strong seller’s market we have been enjoying in recent years to a more pragmatic buyer’s market.
We’ve seen house price growth slowing down and more pressure on asking prices. And even though mortgage rates have taken a very welcome downturn recently, applications are still down when we look at a year on year comparison.
This isn’t all doom and gloom, however. Every market corrects at some point and we all simply have to get used to one that’s probably becoming more stable in the long term.
Sellers therefore need to change their mindset if they are to succeed in these new conditions. Recognition of the tough position many buyers now find themselves in leads to a more realistic appraisal of true home values.
In the short term, however, there are good incentives for buyers to move sooner than later. Despite the recent falls, mortgage rates are expected to rise again during this year and they are already out early looking for homes, before the anticipated upward trend in rates begins.
Of course no one can accurately predict the future. However it is wise to acknowledge the likely market dynamics in the coming months in preparing for your home sale.
We will of course be there to help you in this process every step of the way so feel free to contact us at the Hyland/Schneider team at 928-445-2100 for an informal chat about your best 2019 selling strategy.