Here are some observations we have about the market right now:

• Inventory is up, price reductions are up, the length of time to sell a home is up
• Seller concessions are more prevalent
• Sellers are more willing to accept contingent offers (especially in higher price ranges)
• If a home doesn’t sell within a week, it often becomes stigmatized by the market and potential buyers assume there must be something wrong with it
• Homes that likely would have sold within hours a year ago, are now sitting on the market
• Condition is super-important as buyers become even more picky
• Pricing a property correctly on day one is paramount
• Sellers who over-price their property are finding themselves chasing the market

 

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