Giving hope to weary buyers
How can Realtors boost the morale of buyers in a market where reports of bidding wars, offers above the listing price, and steep price increases dominate the conversation?
One way is to remind them that while those reports are accurate, they don’t describe overall market conditions. They’re true, but not the whole truth.
Here’s a data-driven example to add some context to what’s happing in the market and remind buyers that they don’t have to retreat.
The middle listing price point for the 846 homes sold in June was $219,000. Half were listed for less. The other half for more.
A little more than half (446) of those properties sold above the mid-point listing price. The other 400 sold for less. How much less? June’s median difference between the listing price and selling price was $10,000.
There’s no denying the fact that we’re in one of the strongest sellers’ markets in modern history. And while the reports of some market softening are correct it’s not enough to have a dramatic short-term effect. The bottom line is buyers – especially first-timers and those shopping the affordable home market – need a long-game strategy because, as the data show, there are affordable options every month. And as more owners decide now is the time to sell, those options become more numerous.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us