Wednesday, December 21, 2022 / by Amy Brown
Generally speaking, in the real estate world, we look at accumulating days on market as a negative, however, in a fluctuating market, that may not necessarily be the case.
This is the most rapid change that we have seen in real estate since 2008. It was less than 1 year ago that we were experiencing historically low mortgage interest rates, days on market calculated in a matter of hours instead of days, an average of 7 offers per listing, and properties going under contract for $50,000 or more over the list price. As a buyer you were reeling and homes were coming on and going off the market in the blink of an eye! It was mind boggling and a lot of you pushed back your real estate purchase plans for the future. That future has arrived!
Real estate is as much a psychological business as it is a financial and emotional one. The human component is always a factor. Psychologists have learned that it takes 6 months for humans to realize and accept change and be willing to take action. What does that mean for the real estate market today? That means that sellers are finally catching up!
It has taken until now for sellers to understand that we are no longer in an astronomical sellers market and that we have had a major shift into a much more buyer friendly scenario. It has been difficult for them to accept that multiple offers, sales in hours, and obtaining an offer well above list price are no longer occurring. What that means for some great homes that have been on the market for quite some time is not that there is something wrong with them, it has been that sellers have been unwilling to decrease their sales acceptance level to one that is within today's market parameters.
So buyers, listen up! Do not be so hasty to dismiss a great property due to days on market. This is not the same days on market red flag as a home that has detriments. This is a psychological days on market accumulation due to basic human lack of acceptance of rapidly changing market norms!
Today, I have attached some great homes that have been on the market for longer than what we have previously seen but are in great areas and appear to be in good condition. These are also homes where you will have the ability to BARGAIN!
Buyers, it is your time to shine! Sellers are motivated and the market is prime for you to get a great home at an even greater price!