When it comes to our market, there’s more than one story to be told. We like to explain our current conditions as being the “Tale of Two Tales.” Thankfully, though, the only Dickensian thing about this update is the name.
To give you a better idea of what we’re talking about, let’s take a look at how our market has been faring recently.
First, homes below $350,000 are still selling relatively fast. But, as the name of today’s update implies, this only tells half of the story of today’s market.
Unlike their lower-priced counterparts, homes listed above $400,000 have actually been spending longer on the market and seeing lower offers than in the recent past.
So what do these two tales of our market mean for sellers?
“The things that are happening in the market on a broad scale don’t tell the whole story.”
Well, while those with homes in lower price ranges will have an easier time achieving selling success, those listing their home at or above the $400,000 will need to exert a little more effort.
For those listed in these less active upper price ranges, staging will be key. You will need to present your home in the best possible light to attract buyer interest and earn the best possible deal.
With this in mind, today’s buyers will also need to strategize according to the price point they’re searching in. Those looking in lower price ranges, where homes are moving more quickly, shouldn’t be afraid to get a little aggressive with their offers. Don’t forget to include favorable terms. Price is not the only component to consider when making an offer on a home.
Ultimately, buyers and sellers alike should be mindful of how market conditions will impact their success. Remember: The things that are happening in the market on a broad scale don’t tell the whole story.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.