Image by Canva.com
The pandemic brought about some drastic changes to work, school, and our social lives. And it is still unclear how close to pre-pandemic “normal” we will ever get again. One shift we see is people deciding where to live post-pandemic.
If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years.
There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Image by Canva.com
Putting your house on the market is an exciting experience, especially since St. Louis is a seller’s market. This means your home is a hot commodity. Buyers look for spacious, organized, and clean homes. You’ll want all areas of your home, big and small, clean and organized. Focus on clearing out and refining each area so you can sell to the highest bidder.
Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. And news about an economic slowdown happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008.
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):
Image by Canva.com
The real estate market is still hot, and now, interest rates are going up again. It is more important than ever for those looking at homes to have a substantial down payment ready. (This is particularly true for new home buyers who won’t have proceeds from a house sale to start with.) Not only will this lessen the amount a buyer needs to borrow, but a good down payment makes buyers more attractive to lenders.
There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?
As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.
Berkshire Hathaway HomeServices Select Properties is excited to announce the development of its tenth office in the St. Louis region. This latest addition to our list of local offices is within the city limits in the heart of historic Benton Park. Embracing the look and feel of the neighborhood, we have renovated the building at 1924 Pestalozzi Street while maintaining its original charm and the recognizable architecture specific to St. Louis.
| Older Posts |