Today’s real estate market is baffling for buyers, sellers, and even for economists. Depending on whom you ask, it’s either a great year for real estate – or the complete opposite. And the answer seems to change day by day. Consider this – home sales have declined across the country compared to a year ago. But according to the National Association of REALTORS® (NAR), that trend is being reversed, with existing home sales surging in recent weeks1.
Adding to the confusion is a volatile economy with stubbornly high inflation, ongoing fears of a recession, and an unexpected banking crisis. Plus, mortgage rates are in a state of flux. All this adds up to a fast-moving real estate landscape that can be much easier to navigate with a real estate agent who can answer your questions.
Whether you’re a buyer or a seller, here’s how a real estate agent with a desire to go the extra mile can help.
If you’re a buyer….
It will be easier to find a new home
Housing inventory remains near historic lows, according to NAR, with a 2.6-month supply2. That makes for a very competitive buying market. An experienced real estate agent can give you access to all active listings, so you don’t miss out on any opportunities. With deep knowledge of the local market, they can also objectively assess neighborhoods you’re considering or those you might overlook. Using the real-estate tool known as “comps” (short for “comparables”), your agent will help you understand how the price of a home you’re interested in compares to similar properties in the area and why it matters.
You’ll have expert advice on negotiating a price and navigating contracts
Buying a home in today’s tight housing market can be nerve-racking. That’s especially true when a home receives multiple bids, which remains very common on desirable properties. A real estate professional knows how to handle current buying conditions and will be your expert advocate throughout the process. They’ll guide you through bidding wars, inspections, and more – including advising you on what you should consider a deal breaker.