How Long Do Sellers Have?

by | Aug 24, 2021 | Selling Your Home | 0 comments

Every homeowner dreams of selling in a seller’s market. Who doesn’t want to sell for 20 or 30 thousand over the asking price?

For over a year, that’s exactly what we’ve been seeing: sellers receiving multiple offers at over asking price. This has resulted in bidding wars that drive home values up, and properties moving at a very fast pace.

Still, there are some people who want to sell in the next year who have said they are waiting to put their home on the market.

But how long do they have to wait?

There have been two interesting changes in the past couple of months. Take a look at the market shifts that are beginning to surface:

Buyer Fatigue

The first shift we’ve noticed is buyer fatigue. Some buyers have been searching for a home for months, only to get offers rejected. Buyers are getting tired. Now, more buyers are waiting to find the right home, and are more unwilling to go too high above asking price.  

We’re noticing that while homes are still getting offers right away, they aren’t getting as many offers as they were a few months ago. Buyers are more willing to step back and wait for the next property. 

Increase in Inventory

Data pulled from SmartMLS for single-family homes in Connecticut.

The second shift is an increase in inventory. For the first time in 15 months, things are starting to get a bit easier for buyers. We saw a 52% increase in Connecticut new listings in Q2 of 2021, compared to Q1 2021. 

Because there is such a high number of buyers searching, homes are still moving quickly. The increased inventory isn’t enough to keep up with buyer demand just yet, but more sellers are listing their homes. 

These shifts have been subtle, but if this trend continues, how long do you have to fully capitalize on this seller’s market?