SELLERS SHOULD KNOW BEFORE ENTERING THE SPRING MARKET

to inflation woes and rising mortgage interest rates.

While the current market environment is experiencing higher interest rates and continued inventory challenges, it’s still a great time to sell your home.

As you begin to price and position your home for the spring market, here are five key stats you should keep in mind: Days on market (DOM): It’s important to understand the trend as it relates to the average days on the market for both sold and active listings.

Months supply of inventory (MSI): It will remain in a seller’s market for 2023. In our local market, the MSI just went over 2.8 months for the first time since September 2021. To give you a frame of reference, a six-month supply of inventory represents the shift to a buyer’s market.

Price reductions have re-emerged, and understanding the percent list-to-sale price trend is a significant data point in pricing a home correctly.

Number of showings: Number of showings happening in the market of the listing may be the most significant data point, as it demonstrates the buyer activity in your market.

Although the market still favors sellers, inventory is rising, which means buyers have more time to make a decision and more homes to choose from.

In addition to these five stats to price your home correctly, I also recommend that you consider a pre-inspection, and offer buyer assistance in the form of a home warranty, or money towards repairs, closing costs, or a mortgage rate buydown to make your home stand out.

The real estate industry has seen a myriad of challenges over the past 36 months. From June 2020 to March 2022, the residential real estate market was red hot, fueled by the pandemic housing craze. By late summer 2022, the market had cooled considerably, due

Average sale price: It is critical to know what is happening with average sale prices. This is a particularly helpful stat when selecting the right price to market your home.

Percentage list-to-sale price: This stat provides empirical data about house listing prices compared to sales prices.

Homes that are positioned and priced correctly are still receiving multiple offers, even in this normalizing market. I recommend partnering with a knowledgeable, local market expert for the best outcome when you list your home this spring. Give the real estate experts at Allen Tate a call today.

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