Well, nobody knows for sure, but I read some predictions from the national association of Realtors. They believe that the housing shortage will be here for awhile. Now, according to them, it will ease somewhat due to the fact that rising interest rates will put some buyers on the sidelines. However, we’re short several million units now, so that won’t change much. They’re predicting that , in most parts of the country, housing prices will not come down, but the rise may flatten somewhat.
In my opinion, because of the rising rates, I think that the lower price homes will be even more in demand. People who were looking at a more expensive home will lower the sights somewhat, due to the higher payments. I think that we will continue to see a rise in cash sales due to the fact that sellers are getting more equity than they thought. This is especially true of people who are downsizing. I’ve already seen that in my business.
Today, it is more important than ever for sellers to make their homes appealing to the eye before it goes on the market. De-clutter, neutralize colors, touch up paint and caulk where needed, trim back bushes from the home and put some fresh mulch in the flower beds. And, most importantly, if you have huge furniture in relatively small rooms, move some of it, even if you put it in the garage. Perception is reality!