NerdWallet: These days, home buyers are taking their time: Here’s what sellers should expect

by | Aug 29, 2022 | Stock Market

This article is reprinted by permission from NerdWallet.  Selling a home these days isn’t as effortless as a year ago, when a seller could choose among competing buyers. “Overall, I’d say the buying/selling experience right now is comparable to the summer of 2019,” Dana Bull, a Realtor in the Boston area, said in an email. Today, “there’s still low inventory and it’s a very active market, but not as cutthroat and without underlying tones of desperation.”

Last year’s home-selling advice consisted largely of tips for choosing the best offer. But those recommendations have grown stale: Homes are receiving fewer offers amid slowing sales. Sellers need fresh guidance. Buyers are taking more time, and they’re getting picky. Here are home-selling suggestions from real estate agents.Higher rates = fewer buyers and fewer offers It’s still a seller’s market, in which would-be buyers outnumber sellers, but it isn’t as imbalanced as it used to be, because mortgage rates skyrocketed this year and pushed homes past the point of affordability for some. The result is fewer home sales. Homes are also taking longer to sell: According to real estate brokerage Redfin
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-5.75%,
61.2% of homes for sale in July were on the market at least 30 days, compared with 54.4% in July 2021. Sellers felt confident of getting multiple offers in 2021, but they receive fewer offers now. Homes for sale in June received an average of 3.4 offers, down from 4.4 offers in June 2021, according to the National Association of Realtors’ monthly Confidence Index. Not long ago, it was common to list a property on Tuesday and sell it by the weekend, says Terri Robinson, a Realtor in Ashburn, Virginia. “Or you had people putting in offer deadlines saying, ‘Please submit all offers by 4 p.m. Sunday.’ Now that language has disappeared.” Also see: Americans flock to these 10 ‘hottest’ ZIP codes in the hunt for more affordable homes in smaller townsBuyers await price reductions Here’s the time-honored way to sell a house:
List it for substantially more than your …

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