Source: The Motley Fool—
For the past year and change, sellers had it pretty easy given the state of the real estate market. Basically, all they really had to do was list a home, and boom — they’d commonly be bombarded with eager buyers looking to pay above asking price.
But things are slowly but surely shifting. In recent months, home price gains have cooled and more inventory has hit the market. That’s putting sellers in a position where they have to try much harder to market their homes.
Meanwhile, buyers are less optimistic about the notion of purchasing a home today. In a recent Fannie Mae survey, only 17% think it’s a good time to buy a home. And while 67% of sellers still insist that it’s a good time to put a home up on the market, that’s down from 76% who felt the same way two months ago.
Compounding the issue is rising mortgage rates. As mortgages get more expensive, buyers might pull out of the market and wait for home prices to drop. That’s a situation sellers will no doubt want to get ahead of.
