
It wasn't all that long ago that nearly every house listed for sale in Harrisonburg and Rockingham County was under contract within 48 hours. Multiple offers, escalation clauses, and buyers waiving inspections were the norm. It was a fast paced market that sellers loved and that frustrated buyers.
But we're not in that type of market anymore.
In today's local market, some homes don't go under contract in the first few days… or even in the first few weeks. And that doesn't necessarily mean there's something wrong with the house.
With higher home prices and still-high mortgage interest rates, today's buyers are often making slower and more thought out decisions. Monthly payments are higher than ever, which sometimes means buyers are taking more time to evaluate their options before making an offer. It's not uncommon now for a buyer to sleep on a decision or visit a home two or three times before moving forward.
As a result, some houses are simply taking longer to sell -- not because there's something wrong with the condition, location, or price of the house, but because the pace of the market has changed.
So, if you see a home that's been on the market for two weeks, three weeks, or even a month or more, don't immediately assume it's flawed or overpriced. It might just be waiting for the right buyer to come along. It might be waiting for you.