We all know the market has softened. When we look online and we see all the price reductions, it can actually seem worse than it is.
Here’s what’s happening…
Homes that are priced well are still selling in a reasonable timeframe and getting a few offers. On the other hand, sellers still thinking we’re in the same market as 6 months ago are really hearing it from the market…in the form of lowering their price.
Sellers don’t determine the market.
The media doesn’t determine the market.
Cousin Vicky the Realtor doesn’t determine the market.
The market is the market, and more specifically, BUYERS determine the market because they’re the ones buying the homes and setting the value.
Last year, if the most recent home sold for $950,000 you could have probably put yours up for $1,000,000 and it would have sold because we were in a rapidly climbing market.
That’s not the case now. As we’ve talked about before, it’s not all doom and gloom. If you’re thinking of selling, it’s a fantastic time as we’ve definitely reached the peak. In the past two years, many neighborhoods have seen 20-35% increase in value, so even if you sell as we start to drop in value a little bit…I still think you’re making a good choice…as it could be a lot worse!