Homes that sold were on the market for a median of 34 days, up more than a full week from 26 days a year earlier and the record low of 17 days set in May and early June, according to a new report from Redfin.
"The typical time on market has steadily increased since June," the report said.
Redfin's report also included that "homes for sale" searches on Google during the week ending Oct. 15 were down 32% from a year earlier.
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Its measure of requests for home tours and other home-buying services from Redfin agents—was down 31% year over year to its lowest level since May 2020.
Touring activity as of Oct. 16 was down 25% from the start of the year, ShowingTime reported.
Sellers Should Provide a Complete Inspection Report
Associate real estate broker Anita Mutumba tells GlobeSt.com that people had been putting their homes on the market and they would sell almost immediately.
"That's not the case anymore," she said. "Because the market has cooled, the inventory of homes for sale is lasting longer.
"It affects the seller who wants to sell their home and now must wait for an offer. It also affects the buyer, who up until recently, had to compete with many buyers competing for the same property."
She said to entice buyers, who last year was willing to forgo things like inspections, dated interiors, and maintenance that might be needed; sellers can provide a complete inspection; update their kitchens and bathrooms and improve their curb appeal.
'Fix-and-Flip' Strategy Could Rally
Kurt Carlton, president and co-founder of New Western, tells GlobeSt.com that even though the overall housing market is softer than it was last year or even a few months ago, we are still not in a buyer's market with less than six months of inventory available for sale.
"As a result, now is a great time for investors who are seeking fix-and-flip properties," he said. "With fewer buyers, investors can be selective and find the right opportunity for themselves instead of jumping into a competition with five to 10 other buyers.
"Also, once an investor secures a property, the market is still strong enough overall that rehabbed homes are selling quickly, although more are turning to fix and rent than we saw in the spring."
'No End in Sight' for Homebuyers' Trials and Tribulations
According to a blog from Point2, "with inflation and the Fed's rate hikes affecting both rents and mortgage affordability, it seems as though there's no end in sight for home seekers' trials and tribulations.
"Now, even the tiniest hopes at homeownership — which looked attainable when mortgage rates were still low — are currently being crushed by the harsh financial reality of the day: Keeping inflation in check is not compatible with the American dream."
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