• Interest rates are rising +
• prices are coming down in some locations =
• similar mortgage payment at a lower interest rate

Buyers talk about interest rates going up.  Buyers talk about prices possibly coming down.  Buyers just don't talk about them together!

It's very possible that a Buyer's costs for mortgage payments may not change much if we look at it as a whole rather than independent of each other.

Success in real estate depends on flexibility & creativity.  Look for all the ways a deal can be done.

During our Sellers' market, Buyers often were in many multiple offers before 1 was accepted.  That gets expensive when doing due diligence like home inspections before submitting an offer.  What to do?

Many Buyers were skipping a proper home inspection altogether or brought in friends with some construction knowledge, & younger buyers often brought their parents!!!

A proper home inspection is not a supperficial one.  We're not so worried about turning the taps on & off or checking the kitchen appliances as those are relatively small fixes, if needed.  What we do care about is the condition of the building in condos & in homes, it's the roof, the foundation, the windows, & more  Those are all expensive fixes.

An experienced professional Home Inspector who has spent time in construction or related fields is an investment in a future home with few or no surprises once the Buyer moves in.

If you are a serious seller, as most are, you need to pay attention to what Buyers are saying.  There are fewer of them so what are they looking for in a potential home?

I've been listening to Buyers & ran a quick poll in my Instagram Stories which confirmed what I've been hearing.

Almost 70% of Buyers want a home that is move in ready, that doesn't need much work at all..  Only about 1/3 are up for a reno & really want a space to make their own.

What should a seller do to appeal to the largest part of the Buyer market?  You might think that these suggestions have  always been true but Sellers have been getting away with doing less in the busy Sellers' market for the last few years.  Others may not have sold for many years so it's new territory.

It varies with each property but creating a home that is clean, uncluttered, has everything in good working order, & generally have eliminated any obvious obstacles for a Buyer, will appeal.  Your realtor will be a great source for suggestions-obviously!  You should assume an inspection will be done when not in a multiple offer situation as there is now time for subjects.  

Smart sellers will respond to this market & do what's necessary to make the sale. 

"The New Normal" is a phrase I try not to use, mostly beause it's overused but does seem appropriate now, both for good & bad.  There is a generation of home buyers & sellers who've only known very low interest rates that make home buying much more affordable (good) & a high pressure atmosphere for buying & selling homes (bad)

Now, Buyers are feeling no pressure to make a decision, can actually go on home tours with a few homes that meet their home buying criteria, & write subject offers.  All good.

However, they can't believe they have to pay a 5% interest rate on their mortgage (the old normal). Bad. Those of us who bought & sold real estate before 2000 only knew 5% interest, or even higher.

Looking like a few years of this new, but old way of doing real estate.  What's that phrase?  "everything old is new again"

People pay too much attention to the headlines but that's why they're there.  Clickbait.

It's far more helpful & reliable to get your real estate information directly from someone who's on the ground, working with Buyers & Sellers, & speaking with other realtors.

What am I hearing?

• Lots of action under $1million, & with properties in the suburbs where you get more bang for your buck, it can mean multiple offers.  Over $1million means 20% downpayment  so more Buyers under.
• Sellers aren't always waiting & are willing to take offers as they come, as fast offers are usually strong offers. It's about risk tolerance
• For those of us who've been in the business for some time, we're used to Buyers taking a time out after a news event, like higher interest rates, the financial collapse, or even CoVid.  That often lasts weeks or even a few months & then,,,many, if not most, jump back into the market.  When we're asked "what's going to happen", we can only go by our historical experience.  Interest rate hikes aren't a 1 off this time, but are being sustained over months, so only time will tell what its effect on the market will be.  We've all become used to cheap money!
• With more expensive properties, Buyers feel they can wait a bit before making an offer.  Sellers might be more flexible after a week or 2 on the market.
• Pricing is important to draw Buyers in.  They'll sit out an overpriced listing until the Seller is ready to be realistic.