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This Market Is Still Great for Sellers

Why it’s still a seller’s market and what the recent changes mean for you.

Why does our changing market still favor sellers? Even though the supply of homes has been growing this year, there remains a shortage, which means sellers are still in charge. Why is that?

The level of inventory determines which side has the most power in negotiations. A buyer’s market is when there are more homes for sale than people looking to buy. When this happens, buyers gain negotiation power because sellers are willing to compromise. A seller’s market is the opposite, and during one, buyers will do anything possible to compete for the limited homes for sale. A neutral market is when the number of buyers and homes for sale is balanced.

How you price your home matters.

In June 2022, Tippecanoe County had just one month’s supply of homes. However, we saw a 30% increase in new inventory. Home sales forecasts have been adjusted down to pre-pandemic levels this year due to the higher mortgage rates softening demand. While home prices are still appreciating, they’re climbing slower because fewer people are buying, so there are more homes on the market.

In a shift like this one, how you price your home matters. Setting it too high might deter potential buyers, forcing you to lower the price to reignite interest. Even then, a price drop might be a red flag for some buyers. Some sellers aren’t adjusting their expectations to today’s market, but homes that are priced correctly are still selling fast.

If you’re thinking about selling, let’s connect and make sure your home is priced based on current market conditions. Feel free to call or email me. I’d love to hear from you.

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