Now that there are more homes for sale, buyers have more options. And sellers need to be more flexible to close the deal.
That's why almost half of homeowners are making some type of concession. This can include covering closing costs, paying for repairs, or dropping the price.
Not sure which concessions to offer? Let’s connect so you know what’s working for sellers in our market.
Mortgage rates are still a hot topic – and for good reason. After the most recent jobs report came out weaker than expected, the bond market reacted almost instantly. And, as a result, in early August mortgage rates dropped to their lowest point so far this year (6.55%).
While that may not sound like a big deal, pretty much every buyer has been waiting for rates to fall. And even a seemingly small drop like this reignites the hope we’re finally going to see rates trending down. But what’s realistic to expect?
According to the latest forecasts, rates aren’t expected to fall dramatically anytime soon. Most experts project they’ll stay somewhere in the mid-to-low 6% range through 2026 (see graph below):
In other words, no big changes are expected. But small shifts, like the one we just saw, are still likely.
Each time there’s changing economic news, there’s a chance mortgage rates will react. And with so many reports coming out this week, we’ll get a better feeling of where the economy and inflation are headed – and how rates will respond.
The magic number most buyers seem to be watching for is 6%. And it’s not just a psychological benchmark; it has real impact. A recent report from the National Association of Realtors (NAR) says if rates reach 6%:
That’s a lot of pent-up demand just waiting for the green light. And if you look back at the graph above, you’ll see Fannie Mae thinks we’ll hit that threshold next year. That raises an important question: Does it really make sense to wait for lower rates?
Because here’s the tradeoff. If you’re waiting for 6%, you need to realize a lot of other people are too. And when rates do continue to inch down and more buyers jump into the market all at once, you could face more competition, fewer choices, and higher home prices. NAR explains it like this:
"Home buyers wishing for lower mortgage interest rates may eventually get their wish, but for now, they’ll have to decide whether it’s better to wait or jump into the market."
Consider the unique window that exists right now:
These are all opportunities that will go away if rates fall and demand surges. That’s why NAR says:
"Buyers who are holding out for lower mortgage rates may be missing a key opening in the market."
Rates aren't expected to hit 6% this year. But when they do, you’ll have to deal with more competition as other buyers jump back in. If you want less pressure and more negotiating power, that opportunity is already here – and it might not last for long. It all depends on what happens in the economy next.
Let’s talk about what’s happening in our area and whether it makes sense to make your move now, before everyone else does.
🏡 Open House This Saturday — Don’t Miss It!
Looking for your dream home in Huntingtown?
Come see this stunning colonial on 2 private, wooded acres!
When: Saturday, August 16th | 11 AM – 2 PM
Where: 3150 Paloro Lane Huntingtown, MD. 20639
You’ll love the hardwood floors, updated kitchen with granite and stainless steel, cozy fireplace, fenced backyard with hot tub, and a finished basement perfect for entertaining. The primary suite offers vaulted ceilings, a walk-in closet, and a spa-style bath. Recent updates include a new roof, HVAC, water heater, and water softener — plus a one-year home warranty.
Link: https://www.zillow.com/view-3d-home/e80e14e6-365d-48f0-a8e1-aa89d73b282f?setAttribution=mls&wl=true&utm_source=dashboard
Stop by the open house or schedule a private showing. Seller is motivated, bring us your best offer!!!
Call or text me for details: 443-975-0070
Nearly half of sellers today are making concessions to close the deal, whether that’s covering closing costs, offering repairs, or even throwing in a few extras.
Why? Because buyers have more options now, and standing out takes strategy.
The good news is, with prices still up roughly 55% over the past five years, most sellers have room to negotiate and still come out ahead.
Want to know which concessions are helping homes sell fastest in our market? Send me a message or drop a comment here.
#SellerConcessions #HomeSellingTips #KeepingCurrentMatters
Believe it or not, there are clear signs buyer interest is heating up again.
Let’s talk about what’s really going on behind the scenes, and why the housing market might not be as quiet out there as it seems.
One of the clearest ways to measure what people are thinking about is to look at what they’re searching for online. And according to Google Trends, searches for phrases like “home for sale” have been climbing steadily this year.
The graph below shows an index of two common homebuyer search phrases and how popular they were on Google over the past two years. The higher the line goes, the more popular that phrase was. A 100 on the graph shows the most popular time for each phrase:
Here’s what really stands out in this data. Both phrases have been trending up overall this year, and they hit a recent high in mid-July. That’s a pretty strong sign that curiosity (and maybe even interest) in buying a home is improving.
That kind of momentum means something. Despite high mortgage rates and home prices, buyers haven’t given up. They're still watching the market. They’re still browsing. And many are just waiting for the right opportunity to act. Maybe your house is exactly what they’re looking for. But you’ll never know if it’s not listed yet.
Now, this doesn’t mean demand is going to surge like it did during the pandemic. It just means some buyers are deciding they can’t wait any longer. And those are exactly the kind of buyers you want. Motivated. Eager. Ready to move when the right house comes along.
So, if you’re holding off on selling because you’re not sure if the demand is there, this data suggests it might be time to rethink your plans. Because while it’s not 2021-level demand, it doesn’t need to be. You don’t need ten offers to sell your home. You just need the right buyer.
And that buyer may be searching for a house like yours right now.
If you’ve been thinking, “I’ll sell once buyers come back,” you might want to take another look. Online search trends show they’re already interested.
What would make you feel confident putting your house on the market this year? Let’s connect to talk through it.
Are you wondering if you’re on track to retire someday?
According to Intuit, 69% of people say today’s financial environment makes it tough to plan for the future, and 68% aren’t sure they’ll ever be able to retire. That’s why many people are exploring new ways to build stability and long-term income.
And that’s where real estate comes in.
If you’re able to make the numbers work, buying a second home can be a powerful tool for your future retirement. It could help you:
And if you’re thinking: wait, owning multiple homes is only for big investors – data shows that's not necessarily true. Many homeowners who buy an additional property aren’t the big investors you hear so much about. They’re people like your neighbors.
In fact, data from BatchData and CJ Patrick Company shows 85% of people who own more than one property have just 1 to 5 homes (see graph below):
That means most who own multiple homes are people (not large investors) who’ve bought an extra home to rent out or hold onto for later.
And right now, the door may be opening for buyers like you. According to Danielle Hale, Chief Economist at Realtor.com:
“. . . the balance of power in the housing market keeps shifting in favor of homebuyers. . . A confluence of factors—including more homes for sale, rising price cuts, and slower-moving inventory—is giving buyers more leverage than they've had in years . . .”
If you live in an area where home prices are expected to rise, buying another property now and selling it later could help fund your future. Or you could rent it out and earn income now.
If this idea sounds interesting, the most important first step is to connect with a few key people who can guide you through the process:
Surrounding yourself with the right pros can help you make confident decisions from day one.
Let’s talk about what’s possible and explore whether owning a second home could bring you more security and peace of mind for the road ahead.
If a second home could help you retire earlier or with more freedom, would you want to take a closer look?
Cutting out the agent might seem like a smart way to save when you sell your house. But here’s the hard truth.
Last year, homes that sold with an agent went for almost 15% more than those that sold without one.
That gap is pretty hard to ignore. And with more homes on the market to compete with right now, selling on your own is a mistake that’s going to cost you.
A few years ago, you might’ve gotten away with a “For Sale By Owner” (FSBO) sign in your yard, navigating the process on your own. That’s because homes were flying off the market and buyers were pulling out all the stops. But that’s just not the case anymore. With more inventory than we’ve seen in years, we’re not in a “list it and they will come” market anymore. You need professional expertise.
A yard sign and some photos you take on your own won’t cut it.
Right now, the housing market is getting back to what most would consider a more normal balance of buyers and sellers, and that really changes the game. According to Realtor.com, the latest number of listings for sale was the highest it’s been in any month of July since 2019 (see graph below):
And while inventory growth is going to vary by local market, nationally, this graph shows the number of homes for sale is inching back toward normal.
With more listings available, that means buyers can be more selective. They’ll compare your home to others on price, condition, photos, location, and more. If yours doesn’t stand out, it will get skipped over.
Selling today requires the latest pricing strategy, expert prep work, professional marketing, and strong negotiation skills. And if you’re not bringing all of that to the table, chances are, you’re going to feel it in your bottom line.
That’s why even more home sellers are working with agents today. Data from the National Association of Realtors (NAR) shows a record-low percentage of homeowners sold without an agent last year. And the few sellers who tried to sell on their own realized their mistake pretty quickly.
According to Zillow, 21% of homeowners ended up hiring an agent anyway after struggling to sell on their own.
So, why take the risk? With a local pro, you'll have:
An agent's expertise isn’t optional anymore. It’s essential.
In a market with more listings and pickier buyers, many sellers who try to sell on their own end up working with an agent anyway. So why not start there?
Let’s connect so you have a pro who knows exactly what it takes to sell your house in today’s market, for the best possible price, without leaving money on the table.
Reach out if you want a professional assessment on what your house could sell for today.
Do You Know How Much Your House Is Really Worth? Want to know something important you probably don’t have a professional check for you nea...
