Real Estate bear market: why home sellers should act now
It's the housing supply that's in hibernation.
The hot real estate market is still in full swing, with far more buyers than homes available. According to a recent report from the National Association of Realtors (NAR), the typical property stays on the market for just 17 days before an offer is accepted. Real estate is a far cry from a bear market right now, but you may be wondering how much longer home values and the demand for properties will remain sky-high. The following are a few reasons why the time to sell is now:
1. Interest rates are on the rise
For first-time homebuyers especially, rising interest rates could make some rethink their budget or even end their home search entirely, choosing to be renters until the market cools off. Taking this into consideration, if you want to take advantage of listing your home for the largest possible group of homebuyers, it would be a good idea to sell now.
2. Bidding wars are still happening from time to time
Price your home right and it's likely to ignite a bidding war. By the same coin, realize that if you're purchasing another home at the same time you're selling yours, you could find yourself competing in a bidding war of your own.
3. You can get away with minimal to no renovations
Renovations are effective for garnering more buyer interest and potentially higher offers. But in a market where demand for homes far outweighs supply, you're in a much better position to sell your home-- even if it needs work done to it. For example, a home that's in a hot location could be sold as-is and still get snatched up quickly and for a high price.
The bottom line, when buying or selling, you need a trustworthy advisor who can help you navigate the difficult market. Contact us at Harnish Properties for best-in-class service that will get you to your dream home.
201 B Avenue, Suite 101
Downtown Lake Oswego