Six months ago, a decent listing in the $250K to $350K range would get multiple offers inside of a weekend. That's not really happening the same way right now.
I've been watching the MLS numbers over the last 60 days or so and homes are sitting longer. Not forever, but longer. The average days on market in my area has crept up from around 15 to closer to 30. That might not sound like a big deal but for a first time buyer it changes everything about how you approach a purchase.
You actually get to think.
You get to sleep on it, talk to your parents, maybe see a place twice before writing an offer. That wasn't a thing for a while. And honestly, I think that's how it should be. Nobody should feel rushed into the biggest financial decision of their life because some other buyer is breathing down their neck.
For first time sellers, this shift means something different. Your home is still going to sell if it's priced right. But "priced right" is doing a lot of heavy lifting in that sentence. I've seen sellers list $15K to $20K above where the comps support, and then sit for three weeks wondering what happened. The market is telling you something when that happens. Listen to it.
Here's what I'd tell anyone stepping into this market for the first time this quarter. Buyers, get your financing locked in and be ready, but don't panic into a decision just because rates ticked down half a point. That's not a reason to buy a house you don't like. Sellers, prep your home before you list. Declutter, clean, get some decent photos taken. The days of throwing a sign in the yard and fielding five offers by Monday are on pause.
I don't have some special edge or secret strategy that other agents don't. I just try to lay everything out clearly so you can make a good decision with real information. That's the whole thing.
One more note. Interest rates are hovering around 6.5% to 7% depending on the product and your credit. That's not low. But it's also not 2024's peak. If rates drop later, you refinance. Cool cool cool, that's the whole plan.
So are you waiting for perfect conditions or are you working with the ones in front of you?