One of the ways realtors measure the strength of the market is to analyze the month over month sales increase at this time of year. For example, March sales were 40% higher than February. In 2017, the month over month increase was 50%. A late spring (weather wise) means we can expect the spring market to run through mid summer.
Predictions that homeowners may be forced to sell because they cannot afford their mortgage payments seem premature at best. Most people who study markets believe that lower sales are a forerunner of lower prices (sellers reduce prices in order to sell). But in real estate sellers who do not get their price just wait or cancel their listing. So, this rationale does not hold true.
Pricing your property has never been more important. List too high and it will just sit there. List too low and people will no longer bid way over list. They will try to offer full price and you may end up leaving thousands of dollars on the table if that becomes your best offer.
Sellers need to interview an agent, in person, and ask these tough questions. Simply responding to an add offering to cut commissions won’t do anymore.
If you’re thinking about listing your property, please don’t hesitate to contact me or refer me to someone you know who is looking for valuable insight. I’m always available and I’m always ready to work hard for my clients!