Housing inventory increased again in October—for the 24th consecutive month—as the lower-than-low housing inventory levels we experienced during the pandemic are slowly fading away as more and more homes hit the market. What’s more, new listings are up by 15.3% nationally, despite the mortgage interest rate hurdle.
With more listings than we’ve seen over the last few years, if you’re selling or about to sell, you may be wondering what to expect in terms of how long the whole process might take from start to finish. It’s a good idea to manage expectations when listing your home, and to that end, here’s what we’re seeing both nationally and locally in terms of the average days on market (DOM).
National average DOM
These days, what’s happening nationally is only a snapshot of what’s likely going on in your area, as real estate is increasingly hyperlocal. Nationally, the latest data shows us days on market is sitting at 63 days. This number is higher than the 55 average days on market we experienced this time last year, when scarcity of inventory was more of an issue than it is today.
However, even though DOM has increased year over year, time on market is still under the averages we saw in the pre-pandemic market. In 2017, days on market was around 64 days, and this was during a sellers’ market.
What does all of this mean for sellers?
Despite days on the market slowly creeping up to pre-pandemic levels, the fact of the matter remains: there are still more buyers than sellers. A home that is priced well from the onset, has been well maintained, and is staged and marketed properly will sell fast. As you prepare your home to list, here are some tips to take into consideration:
Price correctly
Even in a sellers’ market, homeowners should not “test the market” by attaching a list price to their home that is too high. Buyers are increasingly savvy, and with all the data at their fingertips, they know when something is overpriced. An overpriced home is bound to sit on the market longer than its appropriately priced counterparts, and when this happens, it leads buyers to ask one question, which is, “What’s wrong with that house?” This is still a fast-paced market and buyers do notice when the same house keeps popping up in their search, week after week. Testing the waters on price ends up backfiring, leaving sellers who try this strategy forced to undercut the price of their home significantly.
TL;DR: Homes that are priced well and in good condition are still going for over-asking and receiving multiple offers. Therefore, it’s important to price your home correctly from the onset. Rather than pricing your home what you think it’s worth, allow the market to drive the sale price for maximum exposure.
Stage to sell
You’ve heard the saying, “A staged home is a sold home,” and these famous last words echoed by Realtors everywhere couldn’t be truer. Homes on the market that are under contract days after they are listed are immaculately staged. All surfaces are free of clutter. All closets are organized and have about 1/3 of the space empty. All bonus rooms and garages are picked up and staged to show potential. All walls are painted in light and fresh neutrals and curb appeal is so good it’s practically inviting you in for a hot cup of tea.
Howard Hanna Real Estate Services proudly provides real estate, mortgage, title, and insurance services across 14 states. As the largest family-owned and -operated real estate brokerage in the United States, Howard Hanna operates more than 500 offices with 15,000 sales associates and staff. Recognized as the most innovative brokerage, Howard Hanna provides solution-based programs and platforms to empower their agents to provide more resources for homebuyers and home sellers, resulting in their agents achieving a sales success rate that is 53% higher than agents at the top 1000 brokerages nationally. Since 1957, Howard Hanna has helped agents build the skills and experience needed to thrive in the ever-changing landscape of real estate. Learn more at www.HowardHanna.com.
