With so much happening across the country and costs for everything on the rise, you might be wondering how it’s impacting the real estate market. Check out our quick guide on what military home sellers should expect when trying to sell their home.
Home Inventory is limited but growing
The real estate market has been dealing with low home inventory for a while. This means that there weren’t enough homes for sale to meet buyer demand- a trend that was made worse during the peak of the Covid-19 pandemic in 2020.
The good news is there’s hope that more inventory is becoming available. Housing inventory saw a 30.7% increase in July, which might make potential buyers and military home sellers happy.
What Low Inventory Means for Military Home Sellers
One of the nice things about a low inventory for military home sellers is it means there is less competition! If your home is in a desirable location and has features that potential buyers would want, you can probably expect to see multiple offers when your home is for sale.
However, high mortgage rates hasn’t helped some potential buyers, and in turn they are waiting for rates to go down. Another thing to keep in mind is if you’re buying a home after your current home is sold, you will no longer have an advantage in the current market. You should decide on what your plans are for your next home before you sell.
Annual Home Values Are Still Going Up
Did you know the national median home price for active listings increased by 14.3% to $435,000 in August 2022 compared to August 2021? With low inventory and a still strong buyer demand in the market, military home sellers should feel confident to list their homes.
What Higher Selling Prices Means for Military Home Sellers
Home sellers should expect the opportunity to make a nice profit! This is great news because you’ll really want that extra money when buying your next home. To get the best offer for your home, consider working with an experienced Realogy Military Rewards agent who really knows your local, current real estate market.
Here’s an important tip: wait for the right offer. You might receive offers that you consider low. If you aren’t in a hurry to move, wait for an offer that you’re comfortable accepting. When negotiating, remember you have the upper hand.
Ready to Help Military Home Sellers
Selling your home in the current real estate market may seem very stressful. As always, the Realogy Military Rewards team is here to support you on your home selling journey. By being prepared and keeping up with the latest real estate market trends, we hope you’ll have a smooth home selling process. In addition to working with an expert agent that can, you can earn $350-$7,500 in cash back after closing.
When you’re ready, please call 1-800-752-3642 to speak with a Military Rewards Advocate or visit us online and hit “Sign Up”.