People who own their home with hopes of selling always wish for the ideal market to sell in, but realistically, the ideal market is never realized unless the Seller is in the minority - meaning they can sell, but they don't need to buy in the same market they sold in.
Over the last few years we've been in the midst of a strong Seller's Market.
However, Buyers are frustrated due to the lack of inventories and question why more Sellers aren't jumping in/selling.
Sellers know that if they sell in this market, they have to buy in this market.
So, while the idea of selling for top dollar in a short period of time is appealing, the realization is that they'll, also, have to buy for top dollar - quite possibly negating most, if not all, of those gains they made on the sale of their home.
A classic catch 22.
While this might not be the case for all Sellers, I suspect it is for the majority based upon numerous conversations I've had with potential Sellers.
So, as the Fed raises rates - understand that it's for the purpose of stabilizing the market and leveling out real estate values so we can avoid the scenario where home values escalate out of the reach of the majority of Buyers - all who need home loans.
In short, a Seller can assign any price they want for their home, but if no Buyer can afford it.....
I think you know what I'm saying.
So - to all my Buyer friends, hang in there and know that it's going to work out.
Every day there's homes that expire, unsold, off of the market - and a majority of those Sellers still want to sell.
Looks like more room for compromise.
As always - please contact me if I can be of service.
At mikcohen.com - we enjoy sharing insights, helpful tips and specific information. Feel free to comment and share your knowledge and experience, but please keep it respectful.