“Sellers are still asking for and receiving very high prices for their homes,” Trapasso says. “There are simply too many people who need housing and not enough homes to go around.” But this may not last for long. “In many parts of the country, we’re starting to see a buyer’s market,” Genkin says. For example, in the northeast, prices tend to soften in the colder winter months. “Sellers who have to get out of the market this year or early next will be more open to lower offers than what they could have gotten a year ago,” she adds. Quite simply, sellers will still have their pick of buyers, but higher mortgage rates and growing inflation means those buyers can’t borrow as much or go as high with their offer as they once could.
How to Proceed: As long as you don’t need to sell ASAP, this is a good time to take a beat and spruce up your house to better attract buyers come spring. “Buyers may not have spare cash to make changes right now, but may be more enticed to make a sale if it’s a place that’s move-in ready,” Genkin says.