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Though it may not officially be beach season yet, forecasts are already rolling in for the 2022 summer real estate season. Most experts agree that the “hot” market may see some cooling temps show up, but nothing too drastic, and seller’s still have the advantage heading into summer. Let’s consider a few possibilities:
Sellers Stay Strong: Even if things cool slightly, we’re far from shifting to a “buyer’s market” this summer. Sellers have been basking in multiple offers, bidding wars, and even long lines of potential buyers at open houses. As rates continue to rise, these scenarios will probably scale back slightly during the summer months. You might have five offers instead of ten, and maybe that line that used to be wrapped around the corner is now only a few steps away from your door. Fear not, as those are still very favorable circumstance for sellers.
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That being said, be sure to be realistic when it comes to pricing if you plan on listing your home this summer. Your best bet is to get an experienced agent who is prepared for this type of market—someone who will help you set a realistic list price, negotiate terms, and even help increase the value of your home.
Buyers Be(a)ware: Now is not the time to let your emotions get the better of you. It’s important to keep your budget in focus and constantly re-crunch the numbers, especially given the current economic conditions. Don’t stretch yourself too far or settle for something out of fear of missing out. The silver lining? If you’re still in the game this summer you should find the competition thinning out a little, making it just a tad bit easier to find your new home.
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You could also take a step back and wait for things to cool off more substantially. Instead of sweating it out waiting for your turn at another open house this summer, take that time to further prepare for your home purchase. Shop around for the best loans and build your credit score by paying your credit cards off in full, on time. You may also consider looking just a little outside your distance radius as well. Sometimes five miles can make a big difference in both inventory and price.
As always, the right agent can help either side of your next home transaction, with the knowledge and tenacity it takes to weather the storm. Consider Maryanne Elsaesser and the Home Navigators Team today.
About Maryanne Elsaesser
Maryanne Elsaesser is known for individualized strategic planning and solving complex matters with calmness. Her clients say she is a "brilliant negotiator," tenacious, helpful, smart, creative, focused and has an amazing ability to read people. Consistent hard work puts Maryanne in the top 1% of brokers in the country. Maryanne is well-versed in contractual elements and understands the intricacies of navigating the most profitable net gain in each transaction. She can be reached at 551.206.9264 or maryanne.elsaesser@gmail.com.
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