Considering selling your home? As of August 10th 2022 in today's housing market, the asking price matters more than ever. As inventory start's to climb, remember you are seriously in competition and be a sore thumb and do not want to stand out there on the market. This sends negative signals to the local market. You are either priced too high or something is wrong with the home. The frenzy of home buying is slowing down.
Prices are being reported lowered significantly in some areas of the country to sell, some are remaining strong and slowly climbing. As mortgage rates rose .75% in June and July, expected for August 2022 as well. Knowing that experts forecast home prices will continue at a much slower rate in most markets, the original projections for this year should help you answer the question. Will home prices fall? According to the latest forecast, experts are confident prices will continue to appreciate through 2022.
The goal is to drive inflation down and less buyer demand. This is a huge historic shift in the current housing market and vital that you are priced just right. There are many seller's still pushing the market to the limit with their highest listing price.
As of August 10th 2022 between 11% and 13% builders have reported dropping their prices. Recent data also shows that 70% of home builders kept prices somewhat level in June compared to May 2022. Click here to see 2022 June/July Central Florida housing market status /2022-CENTRAL-FLORIDA-HOUSING-MARKET---32819---32836---Orlando-Florida-6-22000.html
Builders may need to reduce prices even more to stay in line for many non qualified buyers to limit contract cancellation's. There is not a lot of margin for profit as interest rates climb with reduced pricing of homes.
Projection shows that home will continue to appreciate in many areas in the country even in the cooling down period..
Bidding war's and multiple offers has trimmed significantly. As per National Association of Realtors, nationally July sales were at 4.81 million, median price 403,800, new home sales in June were 590,000. Existing home sales were -5.9% and pending home sales fell -8.6%.
Many people do ask the question why is today's housing market different? During the pandemic, in the seller's market, you could price their home much higher because home inventory was low with buyer's in high demand with low interest rates. Reported facts are a wave across the nation of new construction contract cancellations and existing home contracts canceling as well, due to the spike in the interest rates in June and July 2022.
As of June 2022 a major shift has been made with two major increases for two consecutive month's and predicted again to rise in August. This means as a seller you need a trusted advisor to guide you through this process. There is now less buyer demand and all sellers must recognize this is now a different market than it was during the pandemic. See hiring your realtor /HIRING-YOUR-REALTOR---32819---32836---Dr-Phillips-6-14419.html
What this means for you is at at slow pace, the market is in a shifting mode back to pre-pandemic level mode. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that's more typical for a normal market.
Pricing your home to sell sends a serious message to you homebuyers. Homes priced right are selling very quickly. Provided you price your home too high, you will run the risk of turning away many potential good buyers. Then once you lower the price, it sends a red flag to the potential buyers. If you are concerned the house you are trying to sell or the home you want to buy will decrease in value, you should know experts aren't call for depreciation in most markets, just deceleration. That means your home should still grow in value, just not as fast as it did last year.
There can be a huge impact and cost you much more time, dollars and frustration to finally to sell your home. This avoids a headache of lowering your price. This is why you rely on the professional that can be right on point. With this shifting housing market it can be a challenge for all homebuyers.
If you are thinking of making a move, you should not wait for prices to fall. Ensure your credit report is top notch. Stay connected and contact your trusted advisor and professional realtor Kevin Strawter at 407 479-8583 today for a free appointment to help ease anxiety. Click here to see more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html