As we are halfway into Q2, The Gamache Team is diligently following the real estate market to provide you with a timely and informative real estate market update.
Since the Feds raised interest rates earlier this month, we have seen a shift in the price point of some homebuyers. The increase in rates bumped some homeowners into a lesser price point in an already low inventory market.
The half-point interest rate hike, the volatility in the market, inflation, and the events overseas are causing some homebuyers to hold off purchasing a home.
Some sellers are seeing their homes stay on the market a bit longer than expected, causing some to lower their prices, a first we haven’t seen in three years.
Other sellers who expected multiple offers, all cash offers, and offers over asking price are experiencing less of the craze that filled the real estate market years prior.
Assessing the State of the Real Estate Market
Despite rising interest rates and a slower turn around time for a house to sell, the state of the real estate market is still strong.
In a normal, pre-health crisis market, homes this time of year often sit longer on the market. Graduation, vacations, end-of-school activities and move outs for college-age students stall the real estate market progress of some buyers and sellers.
Likewise, we need to remember that the last three years are unusual. The real estate market in prior years experienced price adjustments, contingent offers, longer sales times, and higher interest rates.
Advice for Buyers and Sellers in a Changing Market
The best advice for anyone looking to buy and sell in a changing market is to talk with an experienced real estate professional and preferably someone who has experience in a changing market.
You have only one chance to make a first impression. Every detail of the preparation, staging, marketing, advertising, and pricing of your home needs to be considered to get a solid and acceptable offer. Making a mistake on the pricing of look and feel of a home can turn a buyer away and leave money on the table.
Sellers need the advice of an experienced Realtor who knows the value of a home, how to negotiate in your favor, and keep you emotions in check by providing solid financial guidance.
Contact The Gamache Team for Your Buying and Selling Needs
The Gamache Team has been representing buyers and sellers in the Tri-Valley since the 1970’s. We are a family-owned and operated business that has been helping clients and their families and friends purchase and sell homes.
Our reputation is one of honesty, transparency, communication, ethics, and getting you the right deal at the right price at the right time.
We would be honored to be your trusted Realtors for the sale or purchase of your Tri-Valley home.