Navigating the 2023 Residential Market Landscape: Insights and Predictions
If you're considering selling your home this year, you'll want to be aware of the latest trends in the real estate market. Our team at Advisors Living is always closely monitoring market conditions, and we're seeing some interesting developments that could impact your sale.
Low Inventory
One of the most notable trends this year is a shortage of homes available for sale. There has been a lot of media coverage regarding increasing inventory levels at a national level, but in New England we continue to see levels far too low to satisfy buyer demand. Many buyers are actively searching for homes, and the fierce competition for a limited supply is driving up prices once again.
Buyer Demand Higher Than Expected
Despite higher interest rates, buyer demand remains strong in all New England markets. The pandemic caused a shift in priorities which continues to create housing needs and impact preferences. The work-from-home trend has created a greater need for home office space, and with less commute time, more buyers are focused on outdoor living space for their families and pets. As a result, we're seeing some interesting trends in the types of properties in high demand.
Bidding Wars
One of the most significant impacts of continued low inventory is the return of bidding wars. Buyers who are interested in a particular property may find themselves competing with several other interested parties, which can drive up the price of the property. An experienced Advisor will guide you in evaluating the strengths and weaknesses of each offer you receive, negotiating on your behalf to achieve the highest price and best terms for your situation.
So, what do all of these trends mean for you as a potential seller?
Pricing Your Home
First and foremost, it's important to price your home strategically. While it may be tempting to set a high asking price, this can be a costly mistake in the current market. Buyers are becoming more discerning and may not be willing to pay a premium for your property if they feel it's overpriced. At the same time, you don't want to undervalue your home and leave money on the table.
This is where working with an experienced Advisor can be invaluable. Your Advisor will help you understand the market, set an asking price to create competition, market your home to every potential buyer, and guide you through the negotiation process.
Make Your Home Stand Out
Another important consideration is the condition of your property. You may need to make repairs, update the decor, or even stage your home to make it more appealing to potential buyers. An experienced Advisor can help you identify improvements that will increase your home's appeal and provide you with maximum return on investment.
The current real estate market is providing a strong advantage for sellers. . By understanding the latest trends and working with an experienced Advisor, you can take advantage of this opportunity. Whether you're looking to downsize, upgrade, or move to a new area, now is still an excellent time to sell your home and take advantage of the strong buyer demand.
Reach out to Advisors Living today at (617) 375-7900 or [email protected] for expert guidance through the selling process.
