Thirty days may not seem long, but in real estate, it can mark the difference between a fresh and a stale listing. Recently, more properties on Cape Cod have been hitting the 30-day mark without attracting buyers, signaling potential issues with pricing and market strategy. According to recent data, nearly two-thirds of June listings have lingered for 30 days or more, the highest in recent memory. This trend has accelerated as more homes enter the market while buyer demand slows, largely due to high mortgage rates.
Karen Jennings Flynn, our go-to legal counsel, highlights the burden on listing agents to educate sellers. "It’s not just sellers trying to set high prices; it’s also about sellers looking at past market trends without realizing the market has changed," she says. She adds, "These points end up making your jobs as listing agents more difficult because you have to artfully educate your potential client and distinguish yourself from the other agents who are willing to list it at anything just to get the listing."
Properties in desirable neighborhoods that are move-in ready are still selling quickly, but homes not meeting these criteria are starting to stack up. Over two in five houses listed in June had been on the market for 60 days or more without any contracts. This scenario sends a negative signal to buyers, implying that something might be wrong with the property.
The primary reason a house remains unsold for over 30 days is usually its price. "You can price your house to sell or not," says Tony Guthrie. "What a home was worth two years ago is less than it is today. The market was unsustainable." Pricing correctly from the start is crucial to avoid the listing going stale.
Victoria Anfuso from our team recently worked with a client who opted to rent their house rather than sell due to market dynamics. This highlights how some sellers are exploring short-term solutions based on the current market conditions.
Karen and Tony have together seen and managed several cycles like this. Their extensive experience in navigating fluctuating markets is invaluable. Past experience can be incredibly helpful, and we've navigated markets like this before. We can guide you for the best outcomes, ensuring your property gets the attention it deserves.
For any questions or further discussion on how to price your home correctly in today’s market, feel free to reach out. We're here to help navigate these changes and ensure your property gets the attention it deserves.
