Why Home Sellers Hate the New Normal?
Single-Family Home Market Update
What a difference a year makes. This time, last year, home sellers were the masters of the universe. Effectively, dictating price, terms, and conditions to a mob of anxious homebuyers. Today, sellers are grateful to receive just one offer. Welcome to the new normal.
The New Normal
Unless you have been living under a rock these past six months, you probably noticed there has been a major shift in the housing market. Sellers no longer enjoy a negotiating advantage over “would be” homebuyers. The reason — high inflation and rising interest rates has made housing less affordable. This, of course, has led to a significant decrease in the pool of eligible homebuyers.
For homebuyers, this may be your opportunity to achieve a great deal.
For home sellers, this means the days of receiving multiple offers at or above your asking (list) price are gone.
So, if you are thinking about selling your home – be prepared to negotiate because homebuyers are demanding more and offering less.
Help! I Want to Sell My Home
First, don’t get discouraged. Few, if any of us, can time the market. Secondly, home prices, albeit under pressure, are still at an all-time high. You just might have to work a little harder than before. Third, be patient and read Team Coyle’s latest article for some tips on “How to Sell Your Home for the Best Result?“.
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About TEAM COYLE
Team Coyle, a professional group of real estate agents at Compass, has more than ten years of experience helping individuals and families buy and sell real estate in the Greater Boston Region of Massachusetts (primarily MetroWest).
