Has the decrease in buyers and increased competition kept you from selling your home? With a fast-changing real estate market, it can be difficult to know the best decision to make when it comes to your home. I get it, I’ve been in real estate for over 7 years and have helped hundreds of buyers and sellers navigate a changing market. Naturally, I don’t have a crystal ball to be able to tell you what is going to happen, but I can give you facts that will help guide your home buying and selling decisions.
Better For Buyers
There is no denying that homebuyer competition has declined over the last few months. According to Redfin, 43% of home offers had competition. Of that competition, in July the average number of offers was 3.5. That’s down from 4.1 just one month prior. Buyers have more options now and sometimes sellers feel they need to compromise to get an offer on their home.
What if You Want to Sell?
Don’t freak out. In most areas across the country, we are still seeing strong seller’s markets. Remember, any time there is less than 6 months worth of inventory on the market, it is considered a seller’s market. In Northwest Arkansas, we currently have about 45 days worth of inventory on the market, but we are seeing longer Days on Market and more price reductions than in previous months, so to many sellers (and inexperienced agents) it feels like the sky is falling. The is a great example of why it is so important to have an experienced agent on your side as you get ready to sell your home. Proper pricing and expert digital marketing, is now more essential than ever to get the maximum return on investment from your home.
Reach out to my team today if you are thinking of selling so we can help you navigate this changing market.