Sellers' desire to take advantage of the current market has been strong in 2022. Even with a slowing market, sellers have been in a great position to get top dollar for their homes.
This summer’s market is reflecting that the pandemic conditions are moving into the rearview mirror.
Here are a couple few important highlights from a recent report from realtor.com
● 95% of sellers sold their property for more than they paid for it. Baby Boomers (who likely held their property for longer) saw the greatest share of equity.
● 92% of sellers who sold in the past three months did accept concessions, reflecting the shift towards a more buyer-friendly market.
Most sellers are currently accepting concessions on the offers coming in. When sellers are prepared in advance and understand what their home is worth, everyone can feel at ease with negotiations.
In turn, higher prices and borrowing costs have been cooling demand, as many first-time buyers are finding that they are no longer able to qualify for a mortgage.
"While outright declines in national home prices are possible and appear quite likely for some regions, large declines seem unlikely," writes Goldeman Sach’s researchers. If the forecast comes to be true, this means 2023 is the bottom of the downturn and 2024 housing activity is expected to rebound.
