A Tale of Two Markets
In over 15 years in the housing industry, I have never seen a market like this one. The picture above is of a lovely home I listed and sold the same day for the highest price of any comparable home within miles. This beautiful home was impeccable and UPDATED and that is the tale of this market. Buyers are not willing to spend money out of pocket to fix old issues a seller ignored and they aren’t willing to update. It’s not that buyers are lazy, it is that debt is expensive right now and buyers only want to carry a mortgage, they don’t want to finance additional expenses.
Here’s what it means for you. If you are considering selling down the road and are waiting on interest rates, update your home now so you aren’t competing with the wave of people hitting up contractors the second rates drop below six percent. If you have an updated home and are thinking about buying, here is the beautiful trade off of the higher interest rates-there is less competition. Any financial gains you might make waiting for interest rates to come down will be lost in competition when sellers will refuse home inspections and repairs again like they did in the 2020-mid 2023 times. This is a seller’s market if your home is perfect and a buyer’s market if it isn’t. That means lower prices if you are willing to do some work.
The lovely couple on the left purchased an acreage for $50,000 below what a multiple offer situation would have driven the price to a year ago. And that is the beauty of the higher interest rates, their payment may be higher but $50,000 makes a lot of mortgage payments.
In team news, Amy successfully navigated her first multiple offer situation and was successful in ensuring our buyer was the winner. Having an experienced team was the key for our buyer. We celebrated our client’s success and our birthdays with a trip to Jack Trice for Stapleton/Strait.
Client Discount Program & Contractor List
Just a reminder that you get special pricing as a client of mine from a number of vendors ranging from appliances to furniture to contracting services. If you have needs in any of those areas, don’t go it alone, reach out. I always have a person for you.
