Homes Are Lingering on the Market—What Buyers & Sellers Need to Know!

The real estate market is shifting, and homes are taking longer to sell than they have in five years! 📉 According to the National Association of Realtors (NAR), the median number of days a home sat on the market in January was 41 days, up from 35 days in December and 36 days in January 2023.

So, what’s causing this slowdown? Stubbornly high mortgage rates and seasonal weather trends are major factors. Many homes that were listed as far back as last summer are still waiting for the right buyer.

But what does this mean for you as a buyer or seller? Let’s break it down!

🏠 What This Means for Sellers

If you’re planning to sell your home, patience and strategy are more important than ever. Here’s how you can stay competitive in today’s market:

✅ Price Your Home Right – Buyers have more options now, so an overpriced home may sit on the market longer. Work with a knowledgeable realtor (like me! 😉) to set the right price.

✅ Make a Great First Impression – Staging, curb appeal, and professional photos can make all the difference in attracting serious buyers.

✅ Be Prepared to Negotiate – With homes staying on the market longer, buyers may have more negotiating power. Offering incentives like closing cost assistance or rate buy-downs can help sweeten the deal.

✅ Stay Flexible with Showings – The more accessible your home is to potential buyers, the faster it will sell!

🏡 What This Means for Buyers

If you’ve been waiting for the right time to buy, this market might be your golden opportunity! 🌟

✔ More Inventory, More Choices – The number of homes for sale has increased 16.8% compared to last year, giving buyers a wider selection.

✔ Less Competition – With higher mortgage rates keeping some buyers on the sidelines, you may have a better chance at securing your dream home without a bidding war.

✔ Sellers Are More Willing to Negotiate – Since homes are sitting longer, many sellers are open to price reductions, concessions, and creative financing options.

✔ Mortgage Rates Are Expected to Drop – While rates are still higher than in previous years, experts predict that they’ll start declining by mid-2024. Buying now and refinancing later could be a smart move.

📊 The Market Outlook—What’s Next?

Real estate experts, including NAR’s Chief Economist Lawrence Yun, believe that the market will pick up in spring as more buyers return. Mortgage rates have already dropped from 7% to 6.85%, and as rates continue to ease, demand is expected to rise again.

That means NOW could be the perfect time to buy before competition heats up again! 🔥

🏡 Ready to Buy or Sell? Let’s Talk!

Whether you’re thinking about selling your home or looking to buy, navigating today’s market requires the right strategy. Krista Klause, your trusted realtor, is here to help you make the best move! 📲💙

📞 Call or text me today! Let’s turn this market to your advantage. 🚀