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Home > Perspective Matters When Selling Your House Today

Perspective Matters When Selling Your House Today

October 13, 2022 by jleonardi

Perspective Matters When Selling Your House Today | Simplifying The Market

Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown.

Fewer Homes for Sale than Pre-Pandemic

While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below):

Perspective Matters When Selling Your House Today | Simplifying The Market

It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.

Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.

Homes Are Still Selling Faster Than More Normal Years

And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the Realtors’ Confidence Index by the National Association of Realtors (NAR) to illustrate this trend:

Perspective Matters When Selling Your House Today | Simplifying The Market

As the graph shows, the pre-pandemic numbers (shown in blue) are higher than the numbers we saw during the pandemic (shown in green). That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (shown in orange) but are still far below the pre-pandemic norm.

What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.

Buyer Demand Has Moderated and Is Now in Line with More Typical Years

Buyer demand has softened this year in response to rising mortgage rates. But again, perspective is key. Getting 3-5 offers like sellers did during the pandemic isn’t the norm. The graph below uses data from NAR going back to 2018 to help tell the story of this shift over time (see graph below):

Perspective Matters When Selling Your House Today | Simplifying The Market

Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (shown in blue). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (shown in green). But most recently, the number of offers on homes sold today (shown in orange) has started to return to pre-pandemic levels as the market cools from the frenzy.

What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you price your house at current market value, you’ll still be able sell your house today.

Bottom Line

If you have questions about selling your house in today’s housing market, let’s connect. That way you have context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move.

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If you’re looking to buy a home this fall, there If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search. 

What Pre-Approval Does for You

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options. 

Pre-Approval Helps Show Sellers You’re a Serious Buyer

Let’s face it, there are more buyers looking to buy than there are homes available for sale and that imbalance is creating some competition among homebuyers.

Pre-approval shows the seller you’re a serious buyer that’s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or financial issues.

Getting pre-approved is an important first step when you’re buying a home. The more prepared you are, the better chance you have of getting the home you want. Connect with a trusted lender so you have the tools you need to purchase a home in today’s market.

#firsttimehomebuyer #opportunity

Reach out if we can help you with real estate - John Leonardi, Broker/Owner LeonardiRealEstate.com
While remote work peaked during the pandemic, many While remote work peaked during the pandemic, many people still work from home today. If you’re one of them, it could have an unexpected benefit when you’re looking to buy a home. If you can work from home, you might have more choices for where to live. DM me to talk about your options and what's most important to you.

#firsttimehomebuyer #opportunity

Reach out if we can help you with real estate - John Leonardi, Broker/Owner LeonardiRealEstate.com
Buying and owning your own home can have a big imp Buying and owning your own home can have a big impact on your life. While there are financial reasons to become a homeowner, it's essential to think about the non-financial benefits that make a home more than just a place to live. 

Here are some of the top non-financial reasons to buy a home.

According to Fannie Mae, 94% of survey respondents say “Having Control Over What You Do with Your Living Space” is a top reason to own.

Your home is truly your own space. If you own a home, unless there are specific homeowner association requirements, you can decorate and change it the way you like. 

Fannie Mae also finds 90% say “Having a Good Place for Your Family To Raise Your Children” tops their list of why it’s better to buy a home. 

Another important factor to think about is what stage of life you’re in. U.S. News breaks it down: “For those with young children, buying a home and putting down roots is a major driver. . . . You don’t want the upheaval of a massive rent increase or a non-renewed lease to impact your sense of stability.”

Lastly, Fannie Mae says 82% list “Feeling Engaged in Your Community” as another key motivator to own. 

People who own homes usually live in them for an average of nine years, according to the National Association of Realtors (NAR). As that time passes, it’s natural to make friends and build strong ties in the community. 

When you care deeply about the people you live near, you’ll do what you can to contribute to your local area.

Owning your home can make your life better by giving you a sense of accomplishment, pride, stability, and connectedness. If you're thinking about becoming a homeowner and want to learn more, DM me.

#firsttimehomebuyer #opportunity

Reach out if we can help you with real estate - John Leonardi, Broker/Owner LeonardiRealEstate.com
The way Americans work has changed in recent years The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million Americans will be working remotely by 2025. To give you some perspective, that's a 417% increase compared to the pre-pandemic years when there were just 7 million remote workers.

If you’re in the market to buy a home and you work remotely either full or part-time, this trend is a game-changer. It can help you overcome some of today’s affordability and housing inventory challenges.

How Remote Work Helps with Affordability 

Remote or hybrid work allows you to change how you approach your home search.

If you're thinking about moving, having this kind of location flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.

More Work Flexibility Means More Home Options

And as you broaden your search to include more affordable options, you may also find you have the chance to get more features for your money too. Given the low supply of homes for sale, finding a home that fits all your wants and needs can be challenging. 

By opening up your search, you’ll give yourself a bigger pool of options to choose from, and that makes it easier to find a home that truly fits your lifestyle.

Remote work goes beyond job flexibility. It's a chance to broaden your horizons in your home search. Without being bound to a fixed location, you have the freedom to explore all of your options. DM me to find out how this freedom can lead you to your ideal home.

#firsttimehomebuyer #opportunity

Reach out if we can help you with real estate - John Leonardi, Broker/Owner LeonardiRealEstate.com
SOLD! Congratulations to our Sellers 🎉🏠 . . SOLD! Congratulations to our Sellers 🎉🏠
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