I’ve stated previously that the current hot market will likely continue through the spring months, barring some catastrophic global event.
Like the Russians invading Ukraine, for example.
We’re still only a few days into this horrible tragedy, so it’s difficult to predict what will happen over the next several days and weeks
It’s UNCERTAINTY itself that is the most significant factor affecting our financial markets, oil and gas markets, and yes, our local Real Estate market.
It’s UNCERTAINTY that causes one to stop and think, “Hold on for a second here. Let’s pause and wait and see what happens.”
Current events could cause buyers to have less certainty about paying $132,000 over asking. Or perhaps they will have less confidence about writing an offer at all.
Uncertainty and fear could also cause sellers to rush their homes onto the market sooner rather than later, potentially slowing down the market further due to increased inventory levels.
Should you list now? Should you buy now?
Nobody can say for sure. Even an expert must consider multiple factors specific to your situation.
If you’d like more certainty about what to do or what not to do, call me, and I’ll gladly analyze your unique situation and give you my best-educated advice. At least you’ll be getting an honest opinion from an expert. This reduces uncertainty and anxiety to some degree.
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You know what else might potentially slow down the market?
Crazy over-priced listings!
As you read this, prices are increasing at such a rate that some sellers think they can list at any price they want.
“The price was $650,000 last month. Let’s try for $750,000!”
Then the property sits there and doesn’t sell, and they’re shocked. Then it gets stigmatized. “Is it still on the market? There must be something wrong with it.”
These are the listings that stay on the market for weeks and months, go through multiple price reductions, and finally sell for far less than they would have if they were priced accurately from the start.
Yes, this happens in all markets; good, bad, and everything in-between. You over-cook the price; you fail.
Meanwhile, good, desirable, well-priced properties continue to sell for record-high prices.
Choosing the correct list price—even in a crazy market—to achieve the highest sale price, is just as important as ever.
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The times are certainly precarious.
But let’s all take a moment to be grateful for what we have, including peace.
It’s not to be taken for granted.
Ted