Recently a lot of people have approached me with concerns about their listing. They come to me and say, “Hal, my home has been on the market for five days and still hasn’t sold. What’s wrong?”
The truth is that there is no reason to worry. Our market is simply beginning to slow down from the hot pace we saw up until just a few months ago. Since that time, we have seen a change in the amount of time homes spend on the market, as well as how listings are priced.
To better illustrate this fact, let’s take a look at some recent market statistics.
We currently have 20% more homes for sale than we did last year. However, we also have seen 12% fewer sales. And while we did see a flicker in this trend, with there being 25% more home sales this month over last month, it is evident that we are headed toward a buyer’s market.
All of these conditions leave sellers with some important considerations to take into mind when strategizing their home sale. If you attempt to price your home based on listing trends from even just a couple of months ago, you are unlikely to see the same results as you would have at that time. A price that you and your agent think is fair may not seem so to a buyer.
But, while offers are lower and coming in less frequently than what was true in the past, today’s sellers should not panic. Our market is simply balancing out, and listing successfully is still possible.
So remember: When you do, at last, receive an offer on your listing, be sure to work closely with the buyer and be receptive to negotiation. Doing so will create a win-win situation for you and the person buying your home.
If you have an other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.