Well, folks, we knew it was coming and it seems it is here - the shift. Does this mean a
crash, absolutely not? This likely means gridlock: a buyer/seller standoff. Sellers will
hold firm with their prices and buyers are going to be picky and deliberate with their
offers.
What we have seen the last 2 years is sellers pricing at or above the last comp and
getting significantly over asking. I have seen properties close anywhere from $25K over
ask to $1M over ask! Yes, 1 MILLION!
I watched the neighborhood that had the $1M over list sales price and the homes that
came on after were all inferior, yet hoping for the same results. The buyers aren't going
for it and those late listers are sitting there realizing they probably missed the boat on
getting these wild over list price offers and being under contract in 5-7 days!
It appears moving forward, buyers will only be willing to pay premium prices for superior
houses - which is not what we have seen in the last 2 years; buyers were paying a premium
for quite literally ANY house!
So listing agents, I recommend you get those sellers to freshen up those homes, get
them staged and make their listing stand tall amongst their neighbors.
Also, since we get asked a lot and because we operate in volume, yes, we can feel
the shift. I will share our books with you and provide an update in early June comparing
the first months of 2022 with May - which I am sure everyone is really wanting to
see and hear me share about!
