You likely already know this, but we’ll tell you again: Things are expensive right now. So—with rates spiking, are DC-area agents seeing a flip to a buyer’s market?
”One of the most important things for buyers and sellers to realize right now is that we’re not in a down market; we’re almost in a normal market,” she says. “We’ve gotten so used to the craziness of the past two years.”We’re going from a marketplace that was hyper-charged, where you would put a listing for sale on a Thursday, and by Tuesday, you’d have 12 offers,” he says. “Now if you’ve come for sale, it might take two weeks or four weeks, even, for a contract to materialize. That is normal.
With the return to a more normal market, what should sellers do when listing their homes today? Nothing crazy, say agents, but it is a departure from the past few years: They actually have to make an effort—you know, like they used to before Covid. . When pricing your home, it’s important to adjust your expectations to today’s market. Look at what comparable houses near you have sold for in the last two months, says Black, not eight months ago. And when setting a price, you also need to factor in that mortgage rates are nearly double what they were—someone who can afford a $700,000 house at a 3 percent rate might not be able to afford it at a 7 percent rate.
Six to eight months ago, it really didn’t matter what your house looked like; you still had all that demand,” says Hryniewicki. “So reverting back to normalized market conditions is very important.”
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