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Changing Times

The other day I went to a listing appointment with one of our new agents. He was well prepared with a CMA (Comparative Market Analysis) and marketing strategy. The CMA uses market data to create a sale price for the home. Multiple datasets priced the home around $300,000. The homeowner mentioned that he expected to walk away with $339,000 for his property. We told him that we would speak to our buyers in that range and get back to him. While our buyers were not interested in this property, the owner let us know that an agent had brought him the offer he was looking for at that time.

The market has been roaring and sellers have been able to name their price over the past year. However, with rising interest rates, buyers are slowing. Pent-up demand will keep the market aggressive, but "naming your price and getting it all" might not be around much longer as appreciation on home values regulate. Let me state that I do not see prices coming down. I only see the opportunity for this “name your price” non-negotiation period coming to an end. Sellers, here is your chance.

If this entices you to sell, remember that an offer and acceptance is only the beginning. You can end up where you want in the transaction, but note that you’ll need to undergo an inspection and other contractual obligations. Feel free to give us a call and we’ll be glad to email you a CMA on your home and walk you through what we think a fair price would be. It is likely that we will have a buyer ready to tour your home!

Data from National Association of REALTORS

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