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Home Buyer Demand Is Becoming Much More Variable By Price Range, Property Type And More |
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Between 2020 and 2022, despite record levels of buyer demand, I would still tell sellers... We can't know for sure how much buyer demand will exist for your home until it is actually on the market and we can see how many times it is being viewed online, how many people are driving by to look at your home, how many people are scheduling a showing etc. During those three years (2020-2022) it seemed that regardless of the property type, location, price, condition, etc., once the house was listed for sale we would have lots and lots of showings and multiple offers. Detached home i great condition with main level master bedroom = 10+ buyers ready to buy. Older home that hasn't had any renovations or updates in 25 years = 10+ buyers ready to buy. Townhouse with small bedrooms = 10+ buyers ready to buy House on a busier than average road = 10+ buyers ready to buy House with a steeper than average driveway and yard = 10+ buyers ready to buy For a few years there, regardless of what home you were selling, you could count on there being plenty of buyers, right out of the gate, and your home would almost certainly be under contract very quickly. This seemed to have been partly related to buyer demand far exceeding the supply of homes for sale -- and perhaps even more significantly -- related to super low mortgage interest rates. Now, home buyer demand is much more variable by price range, property type, size, location, condition, and much more. You can no longer count on absolutely and certainly having lots of showings and multiple offers within a week. Some sellers will still see this. Some particular combinations of property type, location, price range, condition, features are still resulting in lots of early interest and the potential for multiple offers. These sellers don't think the market has changed. ;-) Some sellers will definitely not see this. Some properties will have some early interest -- but no offers -- or very little early interest. What should such a seller do? First, don't panic, it's not that nobody wants to buy your home. Second, be patient, let some time pass and see if you start seeing enough traffic (online views, drive bys, showings) to suggest you'll receive an offer. Third, consider adjusting the price (at some point) to attract further buyer interest. To those sellers who have not yet listed their home for sale -- we won't actually know what camp you'll be in (early offers vs. no early offers) until your house is on the market for sale. Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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