It’s now been confirmed: Our real estate market is shifting.
I’ve been keeping an especially close eye on the real estate market lately. If you saw my last blog post, you know we’ve been watching the market shift a bit. We’re seeing houses sit on the market a little longer, and I’ve been watching that the past three weeks to see if it continued. Though historically, August is a slower month because parents are preparing for kids to go back to school, so we don’t get as many listings, a shift is still occurring.
As of the recording of this video, 69 homes are pending in Stark and Summit Counties. On average, those houses sat on the market for 18 days before going under contract, much more than in the past few months. That solidifies the market shift we’ve been noticing.
If you’re a buyer who put your home search on hold because you didn’t want to deal with the type of market we were in, now is the time to act. Now’s the time for FHA and VA buyers who didn’t seem to stand a chance earlier in the year. If you heard that buyers were paying 10% to 20% over the asking price and it scared you, now is a better time.
For sellers, all this means you need to be careful about your initial asking price. Even in the most popular areas where everyone wants to buy, if a house is not priced correctly, it just sits. Pricing properly and having a marketing plan are crucial. If your house doesn’t sell within the first two weeks, you need a plan for how to still get the most money in this shifting market.
We always want to share the latest information so you can make informed choices. Call or email us if you’re considering buying or were in the market before and now want to jump back into it. We’ll provide all the stats and update you on what’s currently happening. We’re more than happy to help.