For some time now the market conditions offered a fertile land to sell homes at top prices. With very little inventory and cheap money (low interest rates), buyers could find the financing needed to buy a home while sellers could get top dollar (and then some) for the properties they wanted to sell.
This landscape is changing at a pace that is making some economists worry. Interest rates are no longer low, new construction is finally catching up with demand, therefore inventory is starting to balance. One of the important issues is the rampant inflation that the world is facing due to all the financial help provided during the Covid crisis. Expensive money decreases investment and business development, which translates into less employment. Layoffs combined with high inflation translate on mortgage defaults, as people have less money to cover their expenses (in the case of job loss), or the same money but with higher expenses.
This transition will put more properties in the inventory, which will start tilting the market from a sellers market to a buyers market. Prices will also stabilize.
If you are interested on selling, do not hesitate to reach out to us. We can offer a wide variety of options to reach more prospective buyers as well as different ways to make money on your home other than just the sales price. We are here to help… in good faith, always.