By Joseph Callaway
The real estate market is changing.
Let’s start with the bad news first. If you’ve been wanting to sell, expecting the market to keep spiraling up and up forever or if you wanted more than an already generous market would pay, the party is over. With rising interest rates, many buyers have had to modify their ambitions and investors have become cautious. We are in a stall, a freeze frame, but no, we are not in a decline. There is still a shortage of inventory and an abundance of buyers. We are now seeing a gradual increase in inventory and open houses are drawing fewer visitors. Does this mean you can no longer sell your home? Quite the contrary. You can still sell—and for a handsome price. You will just have to negotiate more and go back to the tried-and-true marketing techniques like preparing, showing, and advertising the house.
Now for the good news. If you have been saying, “Sure I can sell for a lot of money but what can I buy?” Well, now you can buy what you want from sellers who will now be more reasonable. Yes, you will pay a high price, but you will get a high price, making everything relative. If it is time to downsize, jump in and make the move. If your family is growing or your career is on the rise, take the plunge and move up. Now you can. We often speak with clients or potential clients who have put their lives on hold over a piece of real estate. They let things dictate to them when it should be the other way around.
Let us all rejoice every day that we live in America where we have property rights and the opportunity to dream the American Dream.
Joseph Callaway is the owner of Those Callaways and Callaway Realty. He branded 85254 as “The magic zip code” and has sold more than 1,000 homes in 85254. His cell is 602-796-5751.