The length of time homes spend on the market before selling is increasing, according to data from a recent Canopy MLS market report. This doesn’t come as a surprise; in fact, it seems things are getting back to normal. If this trend continues as anticipated, it will still take a while before the gap between new listings and sales becomes balanced. The challenge with the supply of homes for sale being so limited, buyers say finding the right home to purchase is the most difficult task for them in the home buying process. We also have noticed this and feel it is partly why it’s taking longer for buyers to make a purchase decision.
The good news for sellers is that the market here seems to have reset itself, which is something we think is long overdue. Of course, we are hearing a lot of feedback and questions from our friends and neighbors regarding the newly increased tax assessed values, yet most have expressed they see that higher values are a good thing. For those planning to sell a home, this just reinforces what we’ve been seeing for a long time. Demand has increased, and in turn so has the value of homes in our market. The best part of the current situation is that buyers understand this as well and are more than willing to pay for the increased value.
While comparing the closed price to list price in sales transactions, the percentage has dropped slightly, yet we are still seeing offers at or above asking price if the home is in good condition and doesn’t need much updating or repairs. Buyers simply aren’t going to get anywhere with lowball offers.
To help reduce the number of days a home is on the market, sellers may want to consider staging their home. According to a recent press release on March 30, 2023, by the National Association of Realtors® (NAR), nearly half of sellers’ agents said staging a home reduced its time on market. Key takeaways showed twenty percent of both buyers’ and sellers’ agents said home staging increased the dollar value offered by between 1% and 5% compared to similar homes on the market not staged. Staging the living room was found to be most important for buyers (39%), followed by the primary bedroom (36%) and kitchen (30%). Jessica Lautz, NAR deputy chief economist and vice president of research said, “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.” If you are considering selling, feel free to reach out to us or your real estate agent for recommendations and tips for preparing your home and property for listing. This will help ensure a positive experience for a wide variety of buyers.
Wes & Cathy Cleary work full-time as full-service Realtors®. They have invested, rented, bought, and sold real estate in the Carolinas since 1997. Licensed in NC & SC with Team Cleary Real Estate, Inc. and Seabrook Island Real Estate. TeamClearyWNC@gmail.com; Wes 828-785-2115; 828-808-6790 Cathy; www.TeamCleary.com.