August happened, typically a super slow time in the market. Interest rates bumped up slightly. And still our stats remained largely the same. The bidding wars are a little more sporadic, with one listing receiving 14 offers while another receives two, or doesn’t receive one until it’s been on the market for four weeks. This is typically due to pricing. The seller who wants to list at a very high price because they’ve seen how the market has been behaving lately can often harm their own sale. Buyers fear it will go way over that price and that they can’t compete, so some are not even giving it a try. The best approach as a seller is to price in the mid-range of the comps for your home, leaving room for prospective buyers to bid up. When competition kicks in, it will typically take the price even higher than the high end you may have wanted to list it for. Trust your agent! You’ll be glad you did.
Market Snapshot: July 2021