As we bid farewell to the month associated with ghouls and ghosts, the real estate market still seems to be playing out its own version of Dr. Jekyll and Mr. Hyde. And the change has not gone unnoticed, with mixed signals playing out in real time.
The good news is that with less inventory than normal, home prices have more or less held steady and have even risen slightly. And while some areas may be pushing back into buyer’s markets (Buckeye, Maricopa, Goodyear, San Tan Valley), most cities still remain seller’s markets, although it seems we are inching toward a balanced market with each passing day. With uncertainty ahead, knowledge is power and can ease the nerves so you can confidently move forward with your real estate goals.
UNDERSTAND WHAT YOU CAN CONTROL
Many individuals facing life changes such as relocation, downsizing, or health concerns have postponed their real estate plans, waiting for more favorable market conditions. While the unpredictability of future interest rates is a valid concern, it’s essential to reevaluate the motivations for considering a move in the first place.
Deciding whether it’s the right time to buy or sell a home is a very personal choice, but your future plans and goals should be a significant part of that equation. Here are a few key points to consider:
- The real estate market is seasonal. Buyer and seller activity tends to be slower in the fourth quarter and perks up shortly after the start of the new year. For buyers, if you can manage the interest rates, you have more choices and can refinance later.
- Buyers still want to buy and sellers want to sell. There is evidence of pent-up demand that could eventually put upward pressure on home prices in the near future should rates drop.
- Get the right people on your team. Consult with a realtor and a lender who are fully aware of all of the available loan programs, seller incentives, down payment assistance, loan assumptions, and other tools designed to help with home ownership.
- Be patient. Understand that market times may be a little bit longer than they were even six months ago. Price points and location make a difference in these market times.
- Preparing your home for the market is more important than ever. A good first impression is the key to success — taking care of needed repairs, decluttering, and strategic home staging will lead to a quicker sale and a higher sales price.
- Strategic price positioning is crucial. Pricing your home to be the next best thing in its price range, all things considered (location, condition, amenities), will increase the odds of a successful sale.
- Market conditions vary. National real estate trends, what often you hear on the news, may not align with local or micro-market trends, such as the luxury market or retirement communities.
In summary, the decision to buy or sell a home is a personal choice, and it is crucial to weigh your motivations and goals against market uncertainties. Consult an experienced real estate and mortgage professional to understand your options and to increase your chance of success.
Christine Anthony is a longtime resident of Northeast Mesa and a licensed realtor with Russ Lyon Sotheby’s International Realty. For more information on Christine, visit christineanthonyhomes.com or call her at (480) 200-0972.