The housing market is a complex arena. It can be challenging to navigate for anyone, especially for homeowners who are looking to sell their property. With so many factors influencing the market, it can be tough to stay on top of everything.
There’s an abundance of statistics, trends, and predictions out there, which can make it difficult for you to know which ones to pay attention to. That’s why we’ve created this guide – to help you understand the current housing market and what you need to know as a homeowner to make a smart sale.
Understanding the Current Market
Before putting your house on the market, it’s essential to understand the current housing market.
As of September of 2023, the housing market is very competitive, with low inventory and high demand.
This demand is mainly driven by millennials, who are looking to purchase their first homes. With more people looking to buy homes than there are homes to buy, prices are currently on the rise.
This is good news for sellers, who can take advantage of the high demand by pricing their homes appropriately.
Key Factors Influencing the Market
Several key factors are influencing the current housing market. One of these factors is the ongoing pandemic, which has caused many people to reevaluate their living situations. People are now looking for homes with more space and features like home offices, outdoor areas, and more.
Additionally, the high-interest rates have resulted in homeowners not looking to sell because they don’t want to give up their low interest rate. This is affecting the low inventory we are seeing across the country which only drives price and demand up.
Emerging Trends
One emerging trend is with technology’s increasing role in real estate. With the pandemic, virtual home tours have become more common, as these help buyers view homes without physically visiting them.
The use of social media platforms, including Instagram and Facebook, to promote properties is also on the rise.
Homes with stunning images, videos and 3D virtual tours are now pushed up to the top of the market stack since most buyers now undergo plenty of online research before committing to a home tour.
If you, or someone you know, is planning on selling soon, make sure to keep these trends into consideration when going to market.
Predictions for the Future Housing Market
While it’s hard to predict the housing market’s future, experts anticipate that there will be a leveling-off of the market in the medium to long term.
The rollback of the mortgage forbearance program will create more inventory in the market, which will make it easier for potential buyers to find a home of their own.
Experts also anticipate that there will be a significant shift towards suburban living. With remote work becoming the new norm, many are choosing to get out of crowded cities, making suburban living a preferable option.
Insights for a Smart Sell
Finally, there are some crucial insights about the housing market that you need to understand to make a smart sell. One of the most important is to price your home accurately. A good real estate agent can help you determine the best price to help you sell your home quickly while still getting a good return.
Marketing your home effectively is another crucial piece of the puzzle. Utilizing a variety of marketing techniques, like listing your home on social media or hosting online tours, can help you get your property in front of as many potential buyers as possible.
Decoding the housing market is no easy feat. But with this guide, we hope that we’ve provided you with the insights you need to make a smart sell.
With a better understanding of the current market, its key influencers, emerging trends and predictions, as well as insights, you are well-positioned to make the most of the current market while avoiding costly mistakes.
Remember that professionals like real estate agents are always on-hand for any questions or help you need. Good luck on your real estate journey!
