Buyers, Sellers and even Realtors are re-orienting their approaches to this new market:
Interest rates have risen and the number of homes for sale have doubled and in some areas tripled.
A Buyer now has a wide selection of properties and a Seller can no longer expect a 'quick' sale.
The condition of the home has become extremely important to Buyers (they now have choices!) and Sellers must again stage a home for sale and maybe even offer "incentives". Home Inspections are a part of the contract again, as are Home Warranties, and closing cost assistance.
Marketing is more important than ever - with a long term plan and realistic expectations.
A Seller must now make their property competitive to other properties on the market.
A Seller must PRICE THE PROPERTY RIGHT from the beginning.
A Buyer is facing rising mortgage rates - limiting their purchasing power and limiting the pool of available buyers