In today’s real estate market, buyers are deciding to take their time and be more picky in their home purchasing plans. The market still points to being a seller’s market, but the higher interest rate environment is causing homes that would previously be affordable to exit some buyer’s price ranges. This is resulting in fewer home sales across the board. Homes for sale in June of this year received an average of 3.4 offers compared to 4.4 offers last year. The decrease in competition for available homes has allowed buyers to take their time and be patient if they like a home but believe it’s overpriced. Homes in today’s market need to be appropriately priced in order to ensure buyers stay interested even if they’re waiting for a price reduction. With buyers having more time to wait and do their research before putting in offers it’s also important that listing agents make sure to have the home ready to show at all times. The days of putting a listing on the market on Friday and accepting final and best offers by Sunday may be behind us for now.
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