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This recent Reuters article highlights a significant downturn in U.S. home sales for May, with higher mortgage rates and record home prices dampening both demand and supply. But with the right strategies, both buyers and sellers can thrive in this market.
For Sellers:
Leverage Low Inventory: With the number of homes for sale 25% below pre-pandemic levels, sellers can capitalize on the reduced competition. Highlight unique features and ensure your home is market-ready to attract serious buyers.
Price Smartly: While home prices are at record highs, pricing your home at, or just below, market value is key to getting an offer from today's buyers. Work with your agent to set a competitive yet realistic price based on recent sales of similar homes in your neighborhood.
Maximize Marketing: Utilize good staging techniques, professional photo and video tours, and social media to reach a broader audience.
For Buyers:
Get Financially Ready: And, know your options. With mortgage rates around 7%, securing the best possible rate through a strong credit score and substantial down payment is crucial. Ask about temporary rate buy-downs and down payment assistance programs to enhance affordability.
Be Decisive: Certain price brackets and neighborhoods remain competitive, seeing multiple offers on desirable properties. In other market segments, longer days on market provide a solid foundation for price negotiations. Being prepared to act fast can make all the difference in securing the home of your dreams. Have your financing pre-approved and know what you are looking for so you can act quickly when the perfect home comes on the market.
Explore Options: Look into different neighborhoods or property types to potentially find better deals. Being flexible with your criteria can uncover hidden gems that others might overlook.
General Advice:
Stay Informed: Keep up with market trends and economic indicators.
Work with Professionals: A seasoned real estate agent can provide invaluable insights and negotiation skills, as well as connecting you with reliable local lenders and service providers.
Both sellers and buyers must adapt to the high-rate, high-price market with strategic planning and flexibility. The unique conditions of today's real estate market can be leveraged to make informed decisions and potentially gain a significant advantage.
Contact me today for a personalized consultation and let’s achieve your real estate dreams together!
This blog article is an opinion, is for informational purposes only, and is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
My name is Diane Bilke. Listing and Buyer Specialist with the Missy Stagers Team.
An agent you can count on to be kind yet tough, focused yet flexible, decisive yet patient. Driven to educate and empower my clients toward the success they seek, I serve buyers and sellers throughout the Austin, Texas metro, specializing in Georgetown, Round Rock, Leander, Lago Vista, and Cedar Park.
Subscribe to my YouTube Channel: @DianeBilke
Connect with me on Insta and LinkedIN: @DianeBilke or on FB @DianeBilkeREALTOR.
I reward referrals! Send a seller or buyer my way and get rewarded for the effort.
Call or Text to (512) 456-3299. Email diane@msrpsa.com
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