What does the market shift mean for buyers and sellers?

Dated: August 9 2022

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What does the market shift mean for buyers and sellers?

The housing market has been shifting from an overheated seller’s market towards a balanced one. Some experts say we are heading towards a buyer’s market. What does that mean for you?

For Sellers:

Buyers are concerned by the uncertainty the interest rate and inflation increases bring. They are more cautious. Bidding wars are now a thing of the past. In the current market, sellers must make sure their house is in the best shape possible when it hits the market as buyers have more choices and are therefore pickier. That means putting emphasis on staging, decluttering and curb appeal.

Sellers must work with a Realtor that will put in place a thorough marketing and pricing strategy. Homes that are priced right and have a great marketing plan still sell fast. As the current market is better suited for buyers that are risk-averse, we will soon see more buyers jumping back into the game meaning more buyers interested in your property.

For Buyers:

Buyers can breathe a little. They have more buying power. As there is more inventory on the market, they don’t have to buy the first house that they like. Financing and inspection conditions are also back in play. The current market is great for buyers that do not like risk and do not wish to entertain bidding wars.

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