It has been a red-hot sellers' market for two years, but we are finally seeing things begin to cool down.
Still, we don't know how dramatic the shift will be, so it’s crucial that sellers and buyers alike understand the current conditions and are ready to pivot.
Home prices are still appreciating (increasing), but the market is experiencing some deceleration after two years of unprecedented growth. In other words, home prices continue to rise, but at a more moderate pace than before.
Meanwhile, mortgage rates are climbing, making it challenging for some buyers to get into the game.
So, what does this mean when you decide whether to sell? Here's what the Rutledge team has been seeing across our area.
Inventory Remains Limited
While we’re beginning to see more homes on the market than in the previous two falls, inventory in our area remains historically low. Real estate is a supply and demand business, so this is good news if you plan to sell.
Strategic Pricing is Essential
The only homes that aren’t selling are the ones that are priced way too high. Don’t fall into the trap of pricing in anticipation of multiple offers! Work with a trusted agent to prepare and price your home correctly. An unrealistic listing price could leave your home sitting on the market longer, opening the door for buyers to negotiate.
Strong Offers, But Fewer of Them
We continue to see full-price and over-asking offers, but fewer of them per property. So as a seller, you are more likely to see one to three offers come in rather than ten. The days of holding offers until Sunday are gone for now, and you have to have a solid plan for offer management.
If you need more help making sense of the market, I’m here to help you sell or buy with confidence.
September’s Top Three: Tips for Buyers this Fall
1. Understand Your Purchase Power
Mortgage rate fluctuation can have a significant impact on your monthly mortgage payments. Be sure to work with a lender who can help you understand these changes and get preapproved before you begin your home search.
2. Find Flexibility
You may find a dream home in a town that wasn't your original target. Or you might think you need a colonial and realize that a smartly renovated cape will do just fine. In a low inventory market, an open mind can unlock new possibilities.
3. Work With Professionals You Trust
From an experienced real estate agent to your mortgage lender or inspector, it matters now more than ever to engage local experts you can trust. Buying in this market has some nuances, and you want to know you can rely on a knowledgeable support system along the way.
We don't just help you buy or sell a house; we welcome you home!
Rutledge Properties is an independent, women-owned local real estate brokerage. We’ve been helping clients in the Metrowest area buy and sell their homes since 1978.
Because we are not part of a big, impersonal chain, we get to do things our way—and our way is all about you. Our clients are our neighbors, and we are committed to putting their needs first every time. We leverage our insider knowledge about the community, industry-leading technology, dynamic strategies, and our worldwide network to provide a level of service that keeps Rutledge clients keep coming back to us, move after move.