After several years of red-hot housing markets, sellers are starting to lose their edge. The frenzy of bidding wars, cash offers, and waived contingencies that characterized the pandemic-fueled boom has cooled off significantly. Sellers are noticing the shift, and experts are weighing in on why this change is happening.
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“There are fewer qualified buyers actively shopping for a home, and they do have more choices, so the process from viewing the house to an accepted offer has slowed,” says Lindsey Harn, a residential real estate agent and owner of Lindsey Harn Group in San Luis Obispo, California.
With interest rates rising and the economic landscape shifting, affordability has become a significant factor for homebuyers. The spike in mortgage rates has priced many would-be buyers out of the market, reducing the pool of active shoppers. Buyers who remain in the market have become more discerning and are no longer feeling the pressure to act immediately.
“Buyers feel as if they have more time to be a tad more selective, so the process is less rushed,” Harn adds. This newfound selectivity means buyers may take more time to tour properties, review their options, and negotiate. Sellers accustomed to quick sales and multiple offers are now facing longer listing periods and increased negotiations.
Harn also highlights that buyers feel empowered to negotiate for lower home costs and ask for more repairs, credits, or other concessions. This is a stark contrast to the recent past when sellers could dictate terms, knowing their property would likely receive an offer over asking price. “Two years ago, sellers weren’t really entertaining these offers,” she explains. “The market was so hot, sellers were only accepting cash or offers from pre-approved buyers.”
Now, sellers are reconsidering offers that include contingencies, such as sale contingencies (which give the buyer time to sell their own home) or offers with longer escrow periods. These conditions were almost unheard of during the peak of the seller’s market when competition among buyers was fierce.
The shift in market dynamics also suggests that sellers need to adjust their expectations. Gone are the days when simply listing a home would guarantee a flood of offers. As the market returns to a more balanced state, pricing strategies, property condition, and marketing become even more critical for sellers hoping to stand out. Like this incredible vineyard estate which recently had a massive price improvement.
For buyers, this cooling market presents opportunities. While it may not be a complete buyer’s market just yet, there’s more room for negotiation and less pressure to make hasty decisions.
The real estate market is cyclical, and while sellers may have lost their upper hand for now, market conditions will continue to evolve. Keeping a pulse on economic factors like interest rates, local market trends, and housing inventory will be key for both buyers and sellers navigating this shifting landscape.
If you are considering selling, contact the team at Lindsey Harn Group immediately to discuss the best strategy to earn top dollar for your home.