Here’s why some homes are taking longer to sell in our housing market.
We’ve been hearing a lot of news about the strength of our housing market lately. We’re in a seller’s market, which means there’s less inventory than there are buyers looking to buy. We have about 3,000 fewer homes on the market than we had during this time last year. To add fuel to the fire, the cost of borrowing money is low. Since interest rates are historically low, it’s created a frenzy among homebuyers. Over the last few months, we’ve seen demand skyrocket, inventory drop, and prices rise steadily.
Despite this, some homes are taking longer to sell, and today I’ll tell you why.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
1:03—The types of buyers this situation has created
1:35—How stale inventory has crept into our market
3:02—Why buyers would rather walk away from an overpriced property than submit an offer
3:51—If your home’s on the market for more than 60 days, you’ve priced it too high
4:16—Why your home’s exact value is hard to pin down
5:15—What sellers need to remember to price their home correctly
6:02—How frustrated buyers can find sellers who are more willing to negotiate
6:22—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.
