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\n <\/div>\n \n Connect with a Top Agent<\/h3>\n
Meet agents who go above and beyond. HomeLight analyzes millions of real estate transactions and thousands of reviews to determine which agent is best for you based on your needs. It takes just two minutes to match clients with top agents.<\/p>\n \n
1. Rising inventory may give buyers even more leverage<\/h2>\n
Sellers are facing more competition as the number of homes for sale continues to grow. In August, 1.62 million<\/a> existing homes were for sale nationwide, 5.9% more than a year earlier, according to the National Association of Realtors (NAR). That brought supply to 4.9 months, the highest level in more than a decade.<\/p>\n For sellers, that means buyers may feel less pressure to act fast. A price or condition issue that buyers might have overlooked when inventory was tight can now be a reason to choose another home.<\/p>\n \u201cSellers who expect multiple offers on day one without precise pricing, aggressive marketing, and turnkey presentation are going to be caught off guard,\u201d says Lisa Archer<\/a>, a top agent in Charlotte, North Carolina. She called this the end of \u201cpassive selling.\u201d<\/p>\n With more homes competing for buyers, look closely at the properties you\u2019ll be up against before you list. Pricing realistically, fixing obvious problems<\/a>, and responding quickly if buyer interest is weak can help keep a listing from falling behind. About 42%<\/a> of homes on the market are taking a price cut, according to Century 21 CEO Mike Miedler. For sellers, that makes getting the price right from the start more important.<\/p>\n Starting high and lowering the price later<\/a> may not work as well as it once did. \u201cA lot of sellers still have 2021 in their heads. They think they can list a little high, wait for the bidding war, and negotiate down,\u201d says Brian Burke<\/a>, a Denver, Colorado, agent with 23 years of experience.<\/p>\n Kent Rodahaver<\/a>, a top St. Petersburg, Florida, agent, says today\u2019s buyers are weighing far more than just the asking price. \u201cThey’re comparing price, condition, insurance costs, property taxes, interest rates, seller concessions, and competing inventory before deciding whether a home deserves their attention.\u201d<\/p>\n Agents recommend pricing against current sales<\/a> and competing listings from the outset. If buyer interest is weak in the first few weeks, they also advise making a meaningful adjustment early rather than letting the listing sit through multiple price cuts. Sellers shouldn\u2019t assume they\u2019ll have an offer within days. Recent national estimates put the typical time on market at roughly 50 to 60 days.<\/p>\n A few extra weeks can mean another mortgage payment<\/a>, plus taxes, insurance, utilities, and upkeep. It can also make the timing harder for sellers who need to sell before buying their next home<\/a>.<\/p>\n \u201cSellers who spend the first 60 or 90 days \u2018testing the market\u2019 may find that their biggest competition isn\u2019t another seller \u2014 it\u2019s time,\u201d says Angie Williams<\/a>, a top-performing agent in Lufkin, Texas.<\/p>\n Agents recommend planning for those extra costs and giving yourself some flexibility around your next move. But that doesn\u2019t mean waiting months to make a change if buyers aren\u2019t responding. Of the agents surveyed, 83% said they would recommend a significant change within one to four weeks when a home is getting showings<\/a> but no offers. An accepted offer may not be the final number. After the inspection, buyers may ask for repairs, a credit<\/a>, help with closing costs<\/a>, or a rate buydown.<\/p>\n Of the agents surveyed, 36% said major inspection issues are the most common reason a deal falls through after going under contract. Another 39% said they typically recommend giving the buyer a repair credit when inspection problems come up.<\/p>\n \u201cMany sellers still think the deal is done when they sign the offer, and then the inspection comes back, and the buyer is back at the table asking for credits, repairs, or a rate buydown. That used to be the exception. It\u2019s becoming the norm, and it\u2019s where a lot of sellers lose money they thought they already had,\u201d says Chase Whitney<\/a>, a top Cypress, California, agent with 25 years of experience.<\/p>\n Before accepting an offer, talk through what you may be willing to cover if the inspection reveals problems<\/a>. That way, you\u2019re less likely to be caught off guard by a second round of negotiation or end up with less than you expected. Lower mortgage rates could bring more buyers into the market. But agents say sellers shouldn\u2019t expect that alone to recreate the fast-moving market of a few years ago.<\/p>\n \u201cEven if rates improve, I don\u2019t think we suddenly go back to the days where every house sells just because it hits the market. Buyers have choices, they\u2019re price sensitive, and they\u2019re willing to wait,\u201d says Nicholas Himes<\/a>, a HomeLight Elite Agent serving Georgetown, Texas.<\/p>\n Aimee Kane<\/a>, a top Boise, Idaho, agent, says more buyer demand wouldn\u2019t necessarily put sellers back in control. \u201cToday\u2019s buyers are payment-conscious, informed, and willing to wait for the right home.\u201d<\/p>\n Lower rates could help, but they shouldn\u2019t change the basics of a good selling strategy<\/a>. Price for the market you\u2019re in, prepare the home<\/a> before listing, and make changes quickly if buyers aren\u2019t responding.<\/p>\n \n\n\n\n\n Selling in a slow market starts with setting the right expectations, and that means knowing what your home is actually worth. Use HomeLight\u2019s Home Value Estimator to get a better idea of your home\u2019s value before listing, so you can make smarter pricing decisions and avoid scaring away buyers with an unrealistic asking price.<\/p>\n \n 2. Overpricing is becoming harder to recover from<\/h2>\n
3. Longer selling times may become more common<\/h2>\n
4. More deals may face a second round of negotiation<\/h2>\n
5. Lower mortgage rates may not bring bidding wars back<\/h2>\n
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\n <\/div>\n \n Know Your Home\u2019s Worth<\/h3>\n