The housing market is not a seller’s market anymore
Selling homes these days is not as effortless as some years ago when a seller could choose among competing buyers. Overall I want to say that buying or selling experience right now is comparable to the summer of 2019 is low inventory, and it’s a very active market but not as cutthroat and without underlying tones of desperation. Last year home selling advice consisted of more extensive tips for choosing the best offer, but those recommendations have grown stale, and of course, homes are receiving fewer offers amid slowing sales. Sellers need fresh guidance, and buyers are taking more time, so they are getting picky.
Homes are also taking longer to sell. According to real estate brokerage Redfin, 61.2% of homes for sale in July were on the market for at least 30 days, compared with 54.4% in July 2021. Seller felt confident about getting multiple offers in 2021, but they receive fewer offers now. Homes for sale in June receive an average of 3.4 recommendations, down from 4.4 suggestions in June 2021.
According to the national association of realtor monthly confidence index. Not long ago, listing a property on Tuesday was expected, and selling it by the weekend. The supply of homes for sales jumped 9%last week compared with the same week one year ago. New listing nearly twice as fast in the four weeks ended as they did during the same period a year ago.
The sharply higher range of mortgage rates has caused a sudden pullback in home sales, and now sellers are rushing to get in before the red hot market cools off dramatically. Rising mortgage rates have caused the holding market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further.
Sellers see the market softened and pending home sales measures of signed contract on existing homes dropped nearly 4% before some time. Now nobody knows about the future, and there is no prediction. Maybe some better or perhaps some worse.
Featured Image Credit: The New York Times