Dear Monica: We are selling our home and have had some offers but none were high enough for us to accept. Our agent is telling us that the market has changed in the past months and that we would do well to listen to what these buyers are telling us. Do you agree with this? Maureen D.
Dear Maureen: Without knowing the details about your property and the offers you have received, I would say that in general, your agent is correct. If your house is older or was remodeled more than 10 years ago, buyers won’t pay as much for it as they would for new construction in the same location. Even if it still looks good to you, to buyers it is dated. The lower offers you have received may represent the true market value for your home.
It is too soon to tell how the current stock market volatility will affect real estate prices but it is unlikely to mean values will increase anytime soon If you want to sell your home, you should reconsider the offers you rejected.