Homebuyers’ Attitudes Differ Starkly Compared to a Few Months Ago

Redfin agents are adjusting to the new mood for single-family homes where sellers are facing more selective, patient buyers who have no sense of urgency.

It’s the reality for now, as Redfin reported last week that there’s not been this low of a level of competition for single-family homes since before the pandemic.

Alexis Malin, a Redfin real estate agent representing buyers in Jacksonville, Fla., said in prepared remarks, “They should do everything possible to make their property pristine for the masses—invest in updates and make [the home] feel fresh,” she said. “Doing little things like replacing faulty faucets or painting walls will help sell a home more quickly.”

Nationwide, 44.3% faced competition on a seasonally adjusted basis in July, compared with 50.9% one month earlier and 63.8% one year earlier.

This was the sixth-consecutive monthly decline and the lowest share on record except for April 2020 at the onset of COVID-19.

Buyers More than Willing to Wait

Malin added, “House hunters are scheduling tours four days in advance instead of one. If a home doesn’t check all of their boxes, they’re waiting until they find one that does. Six months ago, buyers were taking any house they could get.”

Redfin reported that the typical home in a bidding war received 3.5 offers in July, compared with 4.1 one month earlier and 5.3 one year earlier.

Malin said that buyers have also started writing offers for less than sellers’ list prices—a reversal from the height of the pandemic.