An unexpected byproduct of the COVID-19 pandemic has been a booming housing market. The local housing supply was already low, and the past lockdown depressed the volume even more. As more homebuyers began looking for new homes, fueled by the ability to work-from-home and low interest rates, sellers have been experiencing a strong seller’s market.
As we end 2021, however, signs may start to point to a slight market slowdown. Interest rates are starting to slowly rise, and the higher home prices have discouraged some potential buyers from purchasing.
So, what does this mean for a seller this winter? Amidst concern over the
slowing market, sellers already in the market or considering listing their home
should plan for a possible slowdown in the winter months. Remember, there will always be real estate buyers looking to buy a condo, a single-family home, or a townhome, however the real estate market does have a tendency to slowdown around the holidays and winter months. It’s still a great time to sell a home, since there are serious home buyers looking for a new place to call home.
No one likes to leave money on the table, but it’s more important than ever to
have a real conversation about a list price with an experienced Realtor, such as Shannon Lindstrom with RE/MAX Results. Whereas just a few months ago, a new home would sell the first day or the weekend for an over-asking price, new listings should now consider that it could take longer.
Pricing strategy is the single most important aspect of listing a condo or a home for sale. Price can dictate how quickly a home attracts attention and offers. If the market is showing signs of slowing, savvy buyers might wait if they cannot locate a home. Sellers need to consider their listing price carefully to avoid price reductions later for a home that is sitting on the market.
If you have questions and/or wish to discuss the selling process, please contact RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today!