Our Changing Real Estate Market
By Bill Budler
In Nebraska when the days grow shorter, and the weather gets cooler, we anticipate (expect) the changing of seasons. The signs today are clear. We are wearing jackets more often and the green foliage has begun to change into beautiful vibrant fall colors.
In the real estate world when we see inflation creeping into our economy and interest rates rising, we can expect the market to change. For several years we have had a very hyper-active seller’s market fueled by record low interest rates coupled with a low housing inventory. The number of eager buyers greatly outnumbered sellers. Buyers were seemingly lined up at the door just waiting to buy any house the moment it went up for sale. Offers would seldom include any contingencies. Buyers waived their option to have the house inspected prior to the purchase. And they often paid much more than the asking price.
The jump in inflation and subsequential increase in mortgage rates absolutely has changed the housing market. Today buyers are exercising more discretion. We are starting to see more negotiations on price as well as terms. Even the home inspection has made a comeback. All good things for the buyer, but what about the seller?
I am frequently asked if this is still a good time to sell. The reality is we continue to have a housing shortage. The number of homes for sale today still falls significantly short of demand. Thus, by definition it is still a seller’s market. However, over the years in helping seniors navigate a fluctuating market I can tell you the one thing I’ve learned for certain, it’s not about timing of the market. It’s about meeting the unique needs of each client.
The real question should be, is it THE RIGHT TIME for YOU? The recent shift in the real estate market should not be the sole determining factor whether to sell or not. That decision is best based on your unique circumstances with the assistance of a Seniors Real Estate Specialist. The real estate agent’s role is not to tell you when to sell, but rather to provide timely and accurate information. A better understanding of the current market will help you reach sound decisions and lead to a positive outcome.
Bill Budler is a contributing writer for Lincoln 55+ magazine.