We've been experiencing an active residential market in Seeley Lake this winter with five homes currently under contract. Not bad for the dead of winter in Seeley Lake!
Experts agree that the market is softening for buyers, but will it be a full-on buyers' market? In Seeley Lake, it depends on the price range.
The demand for houses in Seeley Lake under $300,000 is currently strong. All five homes presently under contract are listed under $300,000. There are only eight active residential listings under $300,000 creating a shortage in that price range. This means we have a sellers' market in the under $300k price range.
Looking at the $300,000+ price range we find 24 residential listings with no current pending sales.
We could say it's a buyers' market in this price range; the supply exceeds demand giving purchasers an advantage over sellers in price negotiations. As interest rates continue to creep up, sellers may be afraid buyer demand will decrease. However, price appreciation appears to be slowing down which will allow buyers more opportunities to buy in the higher price range. This spring, buyers will likely see slower price growth and less competition with other buyers. Depending on the price range, sellers will still have some leverage.
As spring approaches, the housing market will start to heat up with housing inventory increasing. The longer you wait to sell your home in the spring, the more competition you will have with other listings. Now's the time to list your home with low inventory and less competition!
If you are thinking about buying or selling a house this spring, keep these things in mind:
This year price growth is likely to slow down a bit due to interest rates creeping up and more inventory hitting the market. If you think you want to start your listing at a higher price just to test the market you should think again. This results in more carrying costs for you and dramatic price reductions later. Most buyers will enjoy a slower-paced market and a little more leverage than in years past.
Selling your home as-is, is not a good option in this changing market. Today's buyers are more attracted to updated, uncluttered homes. Not updating an older home could leave sellers at a disadvantage, especially if other sellers have updated their homes before selling, even if the unimproved home is priced at a discount compared to more updated homes in the area.
Because buyers have more choices in the spring market, they are more likely to negotiate a lower price for your home.
The market is constantly changing. Having a knowledgeable realtor on your side is crucial to effectively navigate 2019's changing housing market. If you are considering buying or selling this year, get in touch with your local real estate professional for personal advice and guidance.
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