01/21/2025
The subject for this week is primarily for Sellers called "Stale Listings". A stale listing has been on the market for too long and the Seller is struggling to understand why. The Seller is not getting many or no showings and even fewer offers. My 1st. recommendation is to have a conversation with your Agent, and my 2nd. recommendation is to take a look at this short article from Realtor.com and gain some knowledge on the facts from a national perspective.
I have been a Realtor in Lawrence KS for 14 years beginning in 2011 just after the financial crash of 2008. At that time, it could take between 3-6 months to sell the average home. Home prices are much different today but the same reasons exist to the WHY I AM NOT GETTING ANY OFFERS ?
* A Stale listing is a RED flag for the buyer
* Most stale listings have the same issue......" Over Priced".
* The current Mortgage rate may be slowing your showings but if your home is priced correctly you should receive offers, subject to condition and location.
* For the last 4 months of 2024, here in Lawrence KS, we averaged 4.3 weeks of inventory.
Below is a 48-year history of 30-year fixed-rate mortgage trends. Look at the average rates in the years 1977 through 2000. I hope this helps frame current conditions and shows how today’s rates compare to the historic mortgage rates averages.
Yr Avg 30-Year Rate Yr. Avg 30-Year Rate Yr Avg 30-Year Rate
1977 8.85% 1993 7.31% 2009 5.04%
1978 9.64% 1994 8.38% 2010 4.69%
1979 11.20% 1995 7.93% 2011 4.45%
1980 13.74% 1996 7.81% 2012 3.66%
1981 16.63% 1997 7.60% 2013 3.98%
1982 16.04% 1998 6.94% 2014 4.17%
1983 13.24% 1999 7.44% 2015 3.85%
1984 13.88% 2000 8.05% 2016 3.65%
1985 12.43% 2001 6.97% 2017 3.99%
1986 10.19% 2002 6.54% 2018 4.54%
1987 10.21% 2003 5.83% 2019 3.94%
1988 10.34% 2004 5.84% 2020 3.10%
1989 10.32% 2005 5.87% 2021 2.96%
1990 10.13% 2006 6.41% 2022 5.34%
1991 9.25% 2007 6.34% 2023 6.81%
1992 8.39% 2008 6.03% 2024 6.72%
Source: Freddie Mac
Over the past 20 years, the real estate industry has seen a significant rise in home prices, marked by a housing bubble in the early 2000s that burst in 2008, leading to a major market downturn followed by a gradual recovery and a recent surge in prices due to factors like low interest rates and increased demand, particularly during the COVID-19 pandemic; this period also saw a major shift towards institutional investors dominating the market with products like REITs, significantly altering the landscape of real estate investment compared to smaller, local players.
Summary provided by AI
By: Tim Devine - Realtor
Keller Williams Integrity
785-550-0483
More homes for sale are going "stale" after sitting on the market for months, raising concerns that some sellers are overestimating what the market is willing to pay.
