Are you interested in NFT?
Are you interested in NFT? Learn what role NFTs play in the real estate industry and whether they shape the future of the real estate business now.
When the market is active and a buyer to seller ratio is approximately the same, the average time homes spend in the listings is from 30 to 45 days. However, now the conditions have changed significantly since it takes more time for a home to be offered for sale. How does it influence the market participants and why has it happened? Let’s find out below.
When a home isn’t sold fast, it’s beneficial for homebuyers first of all. It allows them to have more space for price negotiation. But why does it happen? One of the reasons for that is growing mortgage rates. Now buyers have to pay half more than a year ago when the rate was only 3%, but at the moment it has reached 7.37%! It has stopped some buyers and decreased the number of sales greatly by the rate of 2007. Naturally, homes that have already found their place in the listings have to slow down the pace of selling as it was previously at the time of the pandemic.
The current speed of sales has increased by 8 days from the time when a listing is created to the pending period. This data is provided by Zillow, the most popular marketplace, so it reflects the real data! It means that buyers don’t hurry to make deals, so sellers should look for approaches on how to make their estates more attractive, one of which is a price drop. If you analyze the statistics, over 27% of listings had a price reduction in September while this drop was only 22% during the pandemic time.
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