As a worried homeowner in the Sierra Foothills, you may be wondering if your house will still sell in today’s market. The answer is: it depends. While there are definitely some challenges that come with selling a house in today’s market, it is still possible to get your house sold – you just need to know what you’re up against. In this blog post, we’ll take a look at some of the things you need to keep in mind if you want to sell your house in today’s market. Keep reading to learn more!
Buyer Demand Then and Now – showings are down
Times have certainly changed when it comes to buyer demand in Nevada County. Whereas in the past, potential buyers would come out in droves for showings, that isn’t the case anymore. Many potential buyers are taking a wait-and-see approach and are only coming out to seriously consider properties that align with their wish list criteria. This balanced market appears to be stabilizing the median price of homes relative to income growth. Although this trend has negatively impacted Nevada county showings, it is ultimately creating a healthier housing market overall for current and potential homeowners alike.
During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from ShowingTime confirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today’s demand stands, let’s look at the July data for the past six years (see graph below):
This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.
Expect more competition when you list your house for sale
When listing your house for sale, be prepared for heightened competition. In a real estate market that is increasingly competitive, considerations like home staging and price are essential to standing out. Reaching the right buyers requires more than just relying on an agent – proactive measures need to be taken in order to get top dollar for your property. Researching homes in the local area, formulating a creative marketing strategy, and setting realistic expectations can help ensure your house gets noticed within such a crowded space. With the right combination of tactics, you can maximize your chances of success in even the most competitive housing market.
Have your home “showroom ready” when it’s time to sell- it matters now in this changing market
As the housing market shifts and changes, home sellers now need to focus on making sure their homes are “showroom ready”. This means they must take extra care when preparing their homes for sale, as buyers are becoming increasingly picky in this competitive environment. Small details can make a huge difference – a freshly painted door or a room that’s decluttered and styled attractively. It can be worth the effort to involve professional cleaners or stagers to ensure your house looks its very best during viewings. Just remember, everything counts when it comes to enticing potential buyers so make sure you put in the added effort when necessary.
Though the rules of real estate have changed in many ways since the last quarter of 2022, one thing remains true – it’s still a seller’s market in much of Nevada County and the Sierra Foothills.
So will your house sell? With the right preparation and a comprehensive marketing strategy, you can still get your house sold in today’s market – even if it takes some extra effort. If you’re ready to list your home for sale, reach out and let’s discuss you goals!
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