I pulled up my MLS dashboard this morning and counted 14 price reductions in one zip code over the last two weeks. That's not a crash. But it's a shift, and if you're thinking about buying or selling for the first time, it matters.
Here's what's happening. Sellers are listing at numbers that made sense six months ago and then sitting. Days on market in a lot of areas around me have crept from like 18 to 30 plus. Some homes are pushing past 45. That's a real change. And when a home sits, the seller starts to get nervous, the agent has a conversation, and the price comes down.
For first time buyers, this is actually good news. You have a little more room to breathe. You can tour a place, sleep on it, maybe even tour it again before writing an offer. Six months ago that house would've had four offers by Saturday morning. That pressure is easing up. You still need to be ready (pre-approval, proof of funds, all of that), but you don't need to panic-bid anymore.
For first time sellers, this is where I'll be honest with you. Pricing your home right from the start matters more now than it did a year ago. I see agents listing high "just to test the market" and it backfires. Your home gets stale. Buyers scroll past it. Then you drop the price and buyers wonder what's wrong with it. I'd rather price it accurately on day one and create interest than chase the market down over six weeks.
One thing I want to be clear about. This doesn't mean prices are falling off a cliff. The median sale price in most of the markets I work is still up year over year, roughly 2 to 4 percent depending on the area. Homes that are priced well and show well are still moving. The ones that aren't are just collecting dust.
So what does this mean for you this quarter? If you're buying, you have options you didn't have before. If you're selling, preparation and pricing strategy are everything. Cool cool cool, sounds good, let's talk soon. But seriously, if you want to run the numbers on a specific neighborhood or property, reach out. I'll pull the data and we can look at it together.
What zip code are you watching right now?