There are three things you have to know before you list your home today.
If you’re a Massachusetts or New Hampshire home seller, here are the three things you need to know before listing your home:
1. Inventory is picking up. During the middle of COVID, we had the lowest inventory I’ve ever seen with crazy multiple-offer frenzies over homes. Now that we have more inventory coming onto the market, we’re seeing the competition slow down a bit. It’s still a seller’s market, but don’t expect the frenzies we had earlier this year.
2. Interest rates are wavering. One thing that’s been fueling this market is low interest rates. They’re fluctuating around 3% right now, but that might not last long. Most people expect them to rise to the high threes by the end of the year. This would have a huge impact on how many people can buy your home.
3. You have to be realistic. I get sellers day in and day out who think their homes are worth $1 million more than they actually are. You have to look at the data and price the home appropriately.
I always use the example of listing your home for $1. If you list your home for $1, do you think you’d get offers for more than $1? Of course you will. If you price lower, the market will rise to meet the value of your home. If you overprice, it has the opposite effect; you’ll be forced to lower your price.
If you want to sell your home, I would do it now. It’s still a seller’s market, but there are a lot of big changes on the horizon. Lock in these gains while you still can. If you have questions about these three things or anything else related to real estate, feel free to give me a call. I’ll be excited to talk with you.