Remember that online real estate website feature "Make Me Move"? A seller would claim their home on this site and often name an absurdly high price that they would be willing to sell for. Fast forward and gone are the days when everything and anything sells, and a seller can name their price. While there are buyers out there, they are not buying a property they are not compelled to purchase. It has to feel right and make sense. Sure there are homes with multiple offers selling for well over the asking price, but it is property-specific. These are homes that are all buttoned up, have an amazing layout or view, reside in a highly coveted area, or all of the above. If your house does not have all of the above, if you make it cute, and price it according to your home's condition and the most RECENT comps in the area, it will sell. The reality is that with higher interest rates, inflation, and insurance challenges, buyers are – rightfully so – more discerning. I am encouraging both buyers and sellers to review comparable sold data from, ideally, a 3-month or less timeframe as going back 6 months is often unreliable at this point.
The market is not as soft as buyers would like, and many (not all) sellers are getting less than they would have a few short years ago. What I am seeing is a more balanced market.
It is important to work with a Realtor that tours a lot of homes so they understand the subtle nuisances that give a property its value. Often price-per-square foot is not the best barometer to value a home, just as online tools often get values wrong – their formulas bundle properties together, instead of examining properties individually. The wrong agent could be pricing a seller’s property poorly, missing the mark to attract the maximum interest or could be suggesting pre-marketing expenses that would not produce a return on investment, and more. If a buyer is working with an agent that doesn’t know the market, they could be spinning their wheels looking and offering on homes they have no chance in winning due to East Bay pricing strategy, or overpaying for a home that has challenges that are not obvious.
This, my friends, is a time for opportunity and caution, for both buyers and sellers. I welcome the change and am ready to stay up to date on our market's dynamics.
Wishing you a happy end of spring! Congratulations to all of the graduates out there! ❤️
