11/12/2021
As a real estate broker folks always ask me what is the market doing. It continues to be new territory for most of us in this field.
The real estate market is changing quickly. It’s difficult at pricing homes for sale right now for that very reason. It’s also the reason Zillow had to drop their home-buying division - their algorithm couldn’t predict the changes and they were left holding the bag on thousands of properties they paid too much for.
Price Matters
Almost twice as many sellers now have to drop their list price before a sale compared to July.
In October, 19% of all sales were forced to drop the list price before receiving an offer. In July it was 10%.
These properties that start out priced too high end up taking four times as long to sell compared to those that are priced right on day one.
The bottom line is this- price matters even in a strong market.
