Zillow has revealed that 1 in 4 sellers are reducing their asking prices
...and it's not because of the election …It’s not because of the assassination attempt a few weeks ago… …It’s nothing new with interest rates (they’ve actually gone down in the last few weeks)… 1 in 4 home sellers have reduced their price based on… …It being a typical summer market. Sorry…I know we have a natural (or conditioned) attraction to big news and big stories. If you want perspective from someone who’s been in the market every day, 365 days a year for the last 8 years then this is what I’m going to tell you… If you want to know what to do if you’re thinking about buying a house right now…I’ll tell you that too. If you want to know what to do if you’re thinking about selling a house right now…I’ll tell you that too. The market starts to slow down every year in July… People still want to move…they’re just not looking as actively due to summer vacations, graduation parties, work outings, baseball tournaments, and a number of other distractions. If you want to know what happens next…the number of price reductions is going to continue to go up through August and September. People will still be buying, you’ll see the number of days on the market going up. Keep in mind 3 days on the market is not considered “normal” in the real estate business. 30-45 is still considered good in a sellers market. Some houses will continue to sell in the first weekend, if they have what buyers want… By October most of the houses listed in July-September will be sold. Typically we see a spike in activity in October from people who still want/need to buy and sell before the holidays or before the end of the year. If you’re looking to buy a house… this can actually be a great time to do it. More time on the market is a good thing for you and if you can find the right house you’ll have a better chance getting the terms you need opposed to buying in the spring. If you’re looking to sell a house… you don’t have to wait until spring. Buyers are still out there and demand is still high…You just have to be more aware of what buyers are looking for (checkout some of my other recent videos)… …and you have to price your home according to the current market… …this could mean listing for 1-2% less than the highest priced sale in the neighborhood that was on the market mid-April and closed in May or June. That 1-2% usually equals less than what it will cost you to keep the house another 6-8 months just to sell next Spring… Especially if you also need to buy a house also… Of course, there’s a lot of other factors specific to you and your needs that will dictate what’s a fair price and when is the right time for you… …If you have questions and want to hear from someone who has been in the business for 8 years and watched the seasonal sales cycles, election cycles, and multiple economic cycles then reach out on our website.
Pittsburgh Homebuyers: Should You Look At Houses Without a Preapproval
Hot take: It doesn't matter! I know that opinion makes me different than 99% of agents out there. And believe me we have plenty of clients so I'm as busy or more busy than any other agent out there... And obviously no one likes to have their time wasted… so why would you waste YOUR time getting pre-approved if you don’t even know whether or not you’re going to like the house you go to see? Now here’s the contrast: if you know you’re definitely going to move and you’re definitely going to buy a house in the next 3-6 months there’s no reason not to talk to a lender now and most likely you’ll have a pre-approval or a “pre-qualification” by the end of that conversation. Or…Maybe you didn’t plan on moving yet but there is a specific house that looks like it could be worth considering… …if you’re genuinely unsure whether or not you can afford or whether or not a mortgage company will qualify you for that house, and you don’t want to risk falling in love with it and finding out afterward that it’s out of your budget then talk to a lender. …unlike a car or credit card, the credit pull on a mortgage pre-approval application will have a minimum impact on your score. But again, if you’d rather see the house first, that’s fine with me.
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