What’s Happening in Today’s Real Estate Market?

By Jeff Russell

Jeff Russell, CEO of Russell Realty Group (RRG), has consistently distinguished himself as a top producer and a preferred real estate consultant by his clients. Since 1999, he has proven to be one of the most successful Realtors in the industry with multi-million dollars in sales volume, top 1% in the country, and sold over 2,500 homes, including luxury, relocation, REO foreclosure, short sale, traditional residential, multi-family, investment, Short Term Rentals, new, etc.

As we head further into the fall real estate market, tons of people have been asking me, “What’s going on in the market right now?” I get it; if you’re looking to move in the near future, you want to be informed about what’s happening with real estate. The truth is that home prices are still high in most areas; however, they’re starting to come down in a few places that were most affected by the pandemic boom market. While we don’t know for sure what this means for the country at large, it might be safer to make a move sooner rather than later. With that in mind, I’m sharing three key points about our housing market you need to know if you’re planning on making a move this fall:

1. There is a severe lack of inventory. Right now, a lot of people who would otherwise sell their homes are staying put because they have a low interest rate locked in with their current mortgage. As a result, inventory is incredibly low, and you’ll have way less competition than normal. Because of this, you can still sell quickly and at a good price as long as you work with your agent to build a strong marketing strategy.

2. Buyers are very motivated. Right now, buyers across the country are as serious about purchasing your home as any I’ve ever seen. Think about it: Interest rates are still high, and home prices haven’t come down to compensate. If someone is looking at purchasing a home right now, it’s because they really need to move. This means you won’t have to deal with window shoppers, and you won’t have to have as many showings before you find someone willing to offer you a great deal.

3. Pricing and condition are critical. Buyers are motivated right now, but that means they won’t put up with overpriced or poor-quality homes. On the other hand, they will be willing to pay a premium if your home is in good condition. Take the time to work with your agent and fix minor repairs before you put your home on the open market. Also, work together to find a price that fits your local market—one that isn’t too high or too low.

You can still get a good deal in today’s market, but the future is uncertain. If you have questions about where things might be heading or are interested in selling your home, call or email me at (949) 200-7055 or Jeff@RussellRealtyGrp.com. I’d love to hear from you!