Let's face it, selling as-is, 20% over asking and within 7 days, is so 2021. 2022 has been humbling to a lot of sellers, and the ones that were aware of the softening market, and the obvious outcome of doubling interest rates, still won out. These sellers priced accordingly, prettied up their properties, staged them, and still sold at or above list price before the market fell further.
And there will be more slowdown in 2023. I don't think there will be a massive contraction, but unless there is a big interest rate cut, the housing market will stagnate. Don't get me wrong, there are still a lot of wannabe buyers out there, but the rates are hindering them, and the recent price slowdowns are not enough to get them to make the move just yet.
So if you're needing to sell, upgrade to a larger house, sell to relocate, etc., it's time to get real. Be prepared to pay for rate buy-downs for buyers, spend a couple thousand on painting or staging, and at the very least, declutter. And be real about what's going on in the market. Just because your neighbor sold for $1M three months ago, doesn't mean that your similar property is going sell for the same or more 3 months from now.
