MINT HILL, NC – The real estate market is cooling off and the window to sell for top dollar is closing fast. Sellers are faced with trying to decide to sell now or wait for another boom.
Most real estate markets are still seeing low inventory, but rising interest rates and inflation have taken several buyers out of the market. Plus, many buyers are seeing home listings as being overvalued and they don’t want to get stuck with a home that might go down in value.
With listings staying on the market longer, potential sellers have a big decision to make right now. Whether you’re considering listing your home for sale in Mint Hill, NC, or in any other market, it’s not an easy decision to make.
Defying Trends in Some Areas
While real estate is slowing across the nation, that doesn’t mean your local market is slowing or is slowing as quickly. Some cities and neighborhoods will always defy the national trends due to high-quality schools and livability.
However, many areas of the country are seeing home tour requests drop and mortgage applications have been going down recently, too.
Pending sales have also fallen and the numbers don’t look great right now. However, it can still be a good time to sell, depending on your local market and the house you are trying to sell.
The Window is Closing
The window does close a bit every year, when going into fall and winter, anyway, but it’s closing a bit more this year. The summer selling season was not the same as last year and things are changing quickly. Homes are staying on the market longer, which shows demand is going down.
However, inventory is still lower, so you can still sell your home in today’s market. While you might not get the multiple bids that were seen last year, you can get your home sold for a high price, depending on your market.
It might be a good time to wait for some sellers, however. If you don’t need to sell your home and you have a lower mortgage rate, you might just want to stay where you are for now.
It’s important to realize, if you sell your home, you also have to buy another home. With higher mortgage rates, this might not be the best move, depending on your specific situation.
The best thing you can do, if you’re considering selling, is speak with a local real estate agent. You want to get the best advice possible if you have the ability to decide between selling or waiting. With a good local real estate agent, you can get a better idea of what your local market looks like and make the wise decision you need to make for yourself.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | annagrangerhomes@gmail.com | www.1stchoicepropertiesinc.com
