Sales stabilized week over week, which was a slight reprieve from the previous week. We saw an 8% dip in new inventory, which for sellers hopefully will give a little softer entry into the market. Here’s what you need to know.
As a buyer, Realtors will start panicking as days on market get longer. What this means is that if there is a home you love, even if it’s been sitting on the market for 30+ days, if an offer comes in, the Realtor (not VPP of course!) will be so excited to receive ANY offer that they will not think to give a courtesy heads up that an offer has been received. They will immediately negotiate and execute the offer as fast as possible instead of working multiple offers. This means – if you love a home, you need to MAKE AN OFFER and not wait. We had 3 times in the past week where we specifically talked to the listing agent to ask if they had any offers and even asked if they would call us with a heads up in the event an offer was received. Know what happened? None of those 3 Realtors (we’ll call them special agents for this purpose) gave anyone the heads up…they immediately presented and executed. So if you LOVE the home, don’t think it will be a guarantee it will be there tomorrow.
Sellers, we’re entering the last few days of green grass. Thinking of selling between now and spring? There are more motivated buyers that purchase during this time, so consider getting ahead of the “spring” market as we don’t know what will continue to happen if housing prices decline. The past two major recessions started with a dip in sales in Sept/Oct. We already saw Sept, so I wouldn’t encourage waiting around if you know selling is in your future.
If you are on the market currently, we have plans for you to create motivation for buyers to get off the fence and make an offer. If you’re getting recommendations on the 1-2 punch, we’re already seeing it work in driving more traffic and offers.