Old Real Estate Market vs. Today’s Real Estate Market
Has anyone taken the time to demonstrate and show you the old real estate market vs today’s real estate market? The old market aka when everything was going crazy, and there were 30 offers on one property, versus today’s market, a little more normalized. The old market is over; let’s look at the new market.
Past and Present
In the old market, there were 30 offers on a property. In the new market, sellers are happy when they receive a few offers or maybe even one.
The old market was full of buyers who were willing to pay any price for a property. In the new market, buyers are more aware of what they can afford and are also looking at properties that fit their needs and budget. For sellers, this means understanding that your home is not going to sell for 30% more than the last home down the street did.
In the old market, buyers were not asking sellers for repairs. In the new market, buyers are asking for repairs or credits. In today’s market, there is room for negotiation, which is better for both buyers and sellers.
The housing market is different now than it was two years ago, but that doesn’t mean you should jump right in. Do your research, speak with your lender and agent about what’s happening in the current market. It’s time to stop thinking about how things used to be and instead focus on where they are today.
It’s an exciting time with a lot of change. For any questions about real estate, my team and I would love to help! For more information, visit my Youtube channel with more helpful tips on the home buying and selling process. I’m Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Make it a great home buying and selling day.