Many homeowners tell me they cannot sell their house right now, because they are afraid they won’t find a new one. With the inventory at historic lows and multiple buyers competing for the same listing you may have a hard time finding the perfect home you’ve always dreamed about.
I have some good news for buyers …
Is This Inventory Slowdown Just Seasonal?
We saw a substantial slowdown of the market in the past 30 days. Our office got fewer calls from buyers and more inquiries from homeowners considering selling.
I also noticed many price reductions. Most homes over $300,000 are not selling in just a few days any more.
Here’s why …
Sellers are asking ridiculously high prices for homes that are not even updated. This may be inspired by reports of an inventory crisis and articles claiming that Columbus is the 2nd Hottest Housing Market in America,
What these sellers did not consider is that Buyers are merciless.
Even in a hot real estate market you can’t sell a dump for top dollar. Most buyers are smarter than that and don’t fall for the bait.
The mad rush we experienced this spring is certainly over. You will see more sellers lowering the asking price of their listings. And they will become more flexible as days on market accumulate.
The slowdown may only be temporary. So, don’t wait if you plan on moving this year!
How Quickly Do Homes Really Sell?
The majority of homes does not sell in one or two days.
Most agents quote “days on market” (DOM). That’s the time between listing a home and the contract date.
Days on Market only refers to homes that actually sold. It does not include the homes that are still active on the MLS and in the inventory.
I did a little research to find out how long active listings have been on the MLS. I created this table to show the average days on market (DOMs) for closed and contingent transactions, as well as active listings during the past 30 days.
In Dublin, I discovered that closed and pending contracts show 25 and 23 DOMs in average. Active listings on the other hand have been sitting on the market for 75 days. That’s 3 times longer than homes that sold earlier this spring.
The Hottest Market in Central Ohio
According to this analysis, Hilliard is one of the Hottest Markets in Central Ohio. Hilliard beats Dublin and Powell because the average sold price is much lower. There’s still a very strong demand for homes listed below $300,000.
Tips for Sellers
Be patient. If your home does not go in contract in two weeks expect to be on the market for a few months.
Set the correct list price right from the get go. “Trying” a higher list price and lowering it later will deter potential buyers and ultimately result in lower offers.
Call or text me at (614) 975-9650 to discuss Days on Market and market stats for your specific neighborhood.