My area is also still moving if the house is even marginally priced right. We had three houses sell on my block this summer, including one last week which we thought was late in the season. All three sold the day they hit the market.
That said, there were two other homes that were well over priced that both just got pulled off the market after sitting for three months. They had lower offers but the sellers rejected them. If people are buying with mortgages there is no way the bank appraisal would align with the asking prices.
We are about to list my parentsā home, the one we grew up in. Itās in a rural part of our state outside a small city. The problem for us is that it is worth about $400K (mainly the acreage) but nobody is buying things at that price. We will probably list it in the 240ās. As we have been emptying it, weāve had three people ask about buying it. Thereās a big investor from the nearest major city who built a huge modern home overlooking the river, then got tired of rural life and has been trying to sell it for almost 2 years at 1.25 million. Real estate is hard.
O agree location matters. Our street is a cul de sac with only 12 houses on it. Houses rarely go for sale here, and when they do they sell pretty quickly. Like I said above, one sold this week. The last house sale here was almost 6 years ago. The last before that was geeā¦maybe 15 years ago?
So when a house in this neighborhood, with a small private beach on a beautiful lake comes up for saleā¦it sells quickly.
@toledo, it sounds like you have a great family neighborhood. It will sell!! If you listed in July, itās been on the market 6 weeks or so. We have gotten so used to houses selling very quickly that we forget that this is normal!
Iāve heard the real estate market is softening in much of the US. Iām in eastern MA, 25 miles north of Boston, and real estate in our town is still going like hotcakes. We sold my dadās tiny house (1100 square feet) earlier this summer for a little over asking at a price I thought was ridiculous (mid $600s) but it is āin townā and those places tend to sell really quickly. I keep thinking that prices will need to stabilize at some point but it hasnāt happened yet. Good luck with your sale - the middle of summer tends to be slow - hereās hoping that you will get some bites as fall approaches.
My neighborhood still has very low inventory, almost everything sells in a hot minute over asking. I know several young ish couples looking to buy, donāt yet have kids so not tied to the whole school schedule yet. They have large budgets, are not looking for starter homes.
I know I wonāt live in this house forever but as there is a very limited supply of ranch homes Iām not selling until I can find one. My location is walkable to every school, commuter train to the city and shopping so very desirable. Lots of my friends in same boat.
Late spring/summer tends to be the busiest time of the year ā better weather + more daylight hour, aligns with families looking to avoid disrupting school year, more new listings, ā¦ An example graph is below, showing aggregate for full US. Of course many regional markets will differ from the national aggregate.
Years ago, I listed my home in October. It went pending less than 10 days later with multiple offers, and sold at the highest price ever (at time) for a comparable home in the neighborhood, in spite of being in relatively poor condition without upgrades and with more limited view than some neighbors. In the preceding month, I bought my new home. It originally listed in April and sold more than 2 years after list date. Some contributing factors to the dramatically different outcomes for the 2 homes include:
Fast selling home was basic and at lower price end, in an VHCOL region, resulting in a larger number of potential buyers that can afford the home, as well as interest from rental investors.
Slow selling home was unique with special customizations. This includes both major customizations such as utilizing over $100k worth of AV equipment (included in sale), as well as minor things such as painting walls non-neutral colors. It was also not at lower price end. The home was a great fit for me, but not a great fit for most buyers.
Slow selling home was originally priced well above market demand. The home received far more interest/offers after cutting list price.
The fast selling home timeline coincided with termination of government incentives. Buyers were in a rush to complete sale before incentives went away.
Slow selling home was a short sale that required special coordination with bank to complete sale, and different motivations and timeline than traditional sellers. I expect many potential buyers intentionally chose to avoid short sales, limiting interest in the home.
