What’s the word on the street? It’s all over the place, actually. But it’s true, the market is shifting and no one knows what the heck is going on. Buyers are scoring, sellers are pleasantly surprised (or possibly disappointed), and we are coaching to expect the unexpected.
Based on information from the spring market, there is no doubt you have heard that market conditions are tight. So tight in fact, that you may have even heard that for every home that comes on the market there are dozens of offers and the price is driven sky-high.
Despite what you may have heard, this is not true for every house. There are many homes that come on the market, in great condition with features buyers prefer, and are priced right which gets the attention of buyers. There are some open houses that are flooded with visitors. But there are also homes that got very little open house traffic and are still sitting on the market one week, three weeks, two months with no offers and little buyer interest. Why? Each home has a potential buyer pool when it comes on the market – a buyer pool for whom that particular home would be a good fit in terms of price, location, and features. However, if a similar home is listed that shows a little better and is priced more-competitively the buyer pool will shift to the home that is perceived as the better value.
What does this mean for you? If you are an active buyer and aren’t having luck competing for new listings, maybe it is time to take a look at the aged inventory. If you are a seller, this is a great reminder that pricing competitively is very important because you never know what you are competing with. Getting the home looking its best is another critical component of getting the attention of buyers.
Questions? Give me a call, text, or email: 206-762-0682 or email@example.com. I can run numbers in specific price ranges, locations, or type of homes to provide you with a clearer picture of what is really going on.