Things have definitely changed in 2022. For the most part, the crazy Covid fueled bidding wars are in our rearview mirror. However, that’s not to say that one can’t be manufactured by pricing a property artificially low. Sellers who choose that course will be doing so at their own risk, as offers may not meet their expectations.
It’s far better now to price properties at or just under the perceived market value and hopefully get one offer in the first week on the market, preferably after a public open house. Setting offer dates might not be the best idea currently, especially when sellers run the risk of putting off a good buyer. What’s the worst that can happen? While waiting for the offer date another house comes on the market and that good buyer decides to move on other house. The first seller’s offer date comes and goes, and the seller is left waiting longer, hoping they don’t have to reduce the price to attract a reasonable offer. Maybe they become stuck on their price and end up not selling at all.
I’ve seen it before. We could find ourselves in one of those markets where it’s better to be the second or third Realtor for certain sellers. According to BARIES MLS on 8/3/22 (information is not guaranteed, has not been verified and is subject to change), there have been 170 listings in Marin County this year that have been expired or temporarily removed from the market. Last year over the same period of time, there were only 138. That’s a 23% increase, which isn’t terrible but it should be a signal to sellers that the market has changed.
In a normal market it just takes one good offer to sell a house. That’s where we find ourselves now. For those buyers sitting on the sidelines waiting for things to get worse, don’t hold your breath. There is still a chronic housing shortage and interest rates have dropped, no longer threatening 6%. If you see a house that you like and can afford, don’t hope and wait for a price reduction. He who hesitates will surely be lost.