Many sellers feel like they need to sit on the sidelines, thinking they “missed” the high prices in the market. However, like much of what is happening in real estate, it is essential to maintain perspective. Yes, we are seeing the market soften, with prices flattening out or decreasing slightly. But it is critical to realize that those changes come from historically high prices.

October 2022 Home Price Change

The chart above is a 10-year look back. Before the Covid shutdown at the beginning of 2020, we considered housing prices normal. Then we suddenly see this big spike over the last two years. What is going on now is in no way wiping out all that gain. If you owned a house in 2019, it is a safe bet that it is worth a lot more. That means you have more equity than before, and even a fallback is not coming close to changing that.

Is it possible that you won’t get multiple offers sending your sale price sky-high? Sure, but that doesn’t mean you should hold up your life plans because you are worried about the sale price. Low inventory and generational change with millennials hitting their prime homebuying years are predicted to keep prices stable, even with all the press about higher interest rates. Don’t delay your plans to sell because of “the market.” Give me a call, and let’s talk about the reality of positioning your home in the market and how you can still get an excellent price for your house.