![]() That strategy isn't ideal when selling to today's first-time buyers. Here's the time-honored way to sell a house: #Effortless home buyers zip#Sunday.' Now that language has disappeared."Īlso see:Americans flock to these 10 'hottest' ZIP codes in the hunt for more affordable homes in smaller towns "Or you had people putting in offer deadlines saying, 'Please submit all offers by 4 p.m. 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. ![]() 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. ![]() Sellers felt confident of getting multiple offers in 2021, but they receive fewer offers now. Homes are also taking longer to sell: According to real estate brokerage Redfin (RDFN), 61.2% of homes for sale in July were on the market at least 30 days, compared with 54.4% in July 2021. 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. Higher rates = fewer buyers and fewer offers Here are home-selling suggestions from real estate agents. Buyers are taking more time, and they're getting picky. But those recommendations have grown stale: Homes are receiving fewer offers amid slowing sales. Last year's home-selling advice consisted largely of tips for choosing the best offer. Today, "there's still low inventory and it's a very active market, but not as cutthroat and without underlying tones of desperation." "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. Selling a home these days isn't as effortless as a year ago, when a seller could choose among competing buyers. This article is reprinted by permission from NerdWallet. ![]() Bidding wars are out, reasonable asking prices are in. ![]()
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