Sellers best take notice, the robust sales are still alive and well in our local market, but buyers have choices and they are not tolerating high prices. This recent uptick in rates has eliminated many buyers from upgrading their home or even buying a home at all. That has taken pressure off the market. There are still plenty of buyers and these rising rates are also helping them "pull the trigger" but with more choices, buyers can be a little more discerning about how much house they can get for what cash they have to play with.
Lenders are also sniffing out the soften demand, and that means appraisers are even more vigilant in finding true comps. Puffed up values are not going to fly in this market. Sellers may miss a golden opportunity to sell if they get too greedy and try a high price. As rates creep up buyers lose buying power and that overpriced listing sits on the market.
A trusted professional realtor® will pull comps and should offer a trend analysis to help sellers determine the effective price range for their property. Most agents want to help sellers get the best price possible, but they also know that sometimes sellers and the market are not on the same page. A year ago sellers could get away with a 10% bump as the market was a raging bull, but now the market is a butterfly, still flying, but not smashing everything in its path.
We are entering the rainy season here in the Pacific Northwest and that tends to soften the number of buyers out and about looking at houses. Sellers are advised to keep their property free of leaves and other autumn debris and keep that house tidy. The old adage is rings pure: you only get one chance to make a first impression.