Home Real Estate Navigating the Current Real Estate Landscape • Atascadero News

Navigating the Current Real Estate Landscape • Atascadero News

by Kianna Warburton

Insight into Selling Your Home in Today’s Market

If you’ve been considering selling your home, you may be wondering about the current state of the real estate market and whether it’s a good time to make a move. Fortunately for sellers, we are still in a seller’s market, although not as intense as it was in the past couple of years. In this article, we will delve into the current conditions of the market and what they mean for sellers.

In a seller’s market, there is a shortage of inventory compared to the number of buyers looking for homes. This creates a favorable environment for sellers, as they have less competition and can potentially command higher prices for their properties. While some news outlets may suggest that the market is slowly declining, it is essential to look at the actual numbers to understand the true situation.

In Atascadero, for example, there have been 155 homes sold from the beginning of the year until July 31. The average difference between the list price and sales price is 101 percent, indicating that homes are selling above the asking price. This shows that home values have been holding steady and not declining.

One significant factor contributing to the current market conditions is the low inventory. Atascadero and the surrounding areas are experiencing a shortage of available homes for sale. Compared to pre-COVID times when there would be 80-100+ homes on the market, there are now only 30-40 active listings at any given time. This scarcity of options has increased competition among buyers.

Buyers are closely monitoring the market through online portals and receiving real-time notifications when a home in their desired price range becomes available. Therefore, even with limited inventory, homes that are priced competitively and presented well are likely to attract significant interest from motivated buyers.

It’s worth noting that the higher-end market, homes priced over $1,000,000, faces more competition than other price points. However, that doesn’t mean these homes won’t sell. They may take a little more time, but with the right presentation and marketing strategies, they can still find buyers.

For homes priced under $1,000,000, there are very few options available, leading to fierce competition among buyers. Properties in this range may receive multiple offers within a short period, resulting in quick sales.

As a seller, you still have the advantage in today’s market. However, you may need to be more flexible and willing to compromise during the escrow process. Buyers may request repairs, and while most are not waiving contingencies, sellers must be open to negotiations to ensure a successful sale.

These market conditions are guiding us toward a more balanced market, where there is still high buyer competition, but buyers can feel like they are getting value for their money. Successful transactions often involve compromises from both sides, ensuring a fair outcome for all parties involved.

Ultimately, the decision to sell your home depends on your personal circumstances and goals. If you’re considering a sale, it’s essential to work closely with a trusted Realtor who can provide guidance and support throughout the process.

In conclusion, the current real estate market continues to favor sellers, although it has evolved from the intense seller’s market of the past couple of years. With low inventory and high buyer demand, sellers can still achieve successful sales, but they may need to be flexible and open to negotiations. Each seller’s situation is unique, so careful consideration and collaboration with a knowledgeable Realtor are key to determining the right timing for a home sale.

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