Here’s how buyers and sellers should manage their expectations in this market.
Here in the fourth quarter of 2021, we know that the real estate market will continue to fluctuate as it tries to find a balance. When the market shifts, we must manage our expectations; as a Realtor, my job is to know what to expect and give you that information about the market.
Currently, the market is very strong for sellers. However, it’s not the frenzy that we saw in the first half of the year. Toward the beginning of 2021, the buyer demand was strong; we experienced many multiple-offer situations where there were 10 to 15 different offers on a home. Now, multiple-offer situations have cooled down. There are still some happening, but they’re usually not nearly as hot as they might have been earlier.
Buyers will start to see opportunities in the market in the way of homes to purchase. Don’t wait on the sidelines—if something comes up, you’ll want to move on it quickly. Historical data shows that more listings should hit the market over the next couple of months. Buyers should also look at interest rates to determine how affordable the buying process can be for them and manage their expectations.
On the selling side, as we mentioned, there isn’t that much of a frenzy anymore. There are still buyers in the market; the demand has just lessened from the beginning of the year. As most people have seen, prices have been pushed so high that appraisers won’t allow us to keep pushing without presenting comparable properties. Buyers will ignore a home that’s priced outside of the market, so sellers need to manage their expectations in terms of what they think they can get when they price their homes. We can help make sure that your home shows well and is priced correctly so that you’ll get top dollar from your sale.
If you have any questions about what you should expect from today’s shifting market or anything else to do with real estate, don’t hesitate to reach out to us via phone or email. We’d love to hear from you.
