It is December 2023! Yesterday I was in a store and someone said “Hey, I know you’re our local real estate expert…what is our market doing?” and it reminded me it is probably time for a quick market update.
Here it is…us real estate agents are starting to see buyers want to throw out low ball offers because they think a home has been on the market a while and the seller is probably desperate to sell.
In the height of the market when homes were selling like hot cakes with multiple offers and within a day of listing, buyers knew there was no way they could make low ball offers. But now we are starting to see some buyers thinking, because the market has changed, that they can throw out low offers. So it made me think, I need to take a look at the sold data to see what is really happening.
Here are some things you need to know in our market place. Upon review of our mls systems of sold date for the last 6 months,
in Aiken, 491 homes have sold in the past 6 months and this is excluding new construction
220 sold in 30 days or less = 45%
352 sold in 60 days or less 72%
409 sold in 90 days or less = 83%
(pulled from Aiken MLS)
in Evans, 379 homes have sold in the past 6 months and this is excluding new construction
50 sold in 30 days or less = 13%
233 sold in 60 days or less = 61%
315 sold in 90 days or less = 83%HouseonMarket
(pulled from Aug MLS)
in North Augusta, 265 homes have sold in the past 6 months and this is excluding new construction
35 sold in 30 days or less = 13%
154 sold in 60 days or less = 58%
203 sold in 91days or less = 76%
In summary, statistics show that 76%-83% of homes sold within 90 days or less. So yes, homes are staying on the market longer before selling. But we have also seen that homes are selling within 1%-4% of their list price on average for mid range priced homes.
What this tells us is that sellers are not panicking and not taking low ball offers.
If I have a buyer wanting to make a low ball offer, I first ask if they really love the home and want it no matter what and if the answer is yes, then I tell them don’t run the risk of offending the seller with a low ball offer as there is a chance they may decide they will never sell you the home. I have had other agents bring such low offers in the past that a seller said decline the offer all together and then the agent comes back and says the buyer really wants it and will pay full price and the seller say no I am never selling it to them. I also actually had a seller counter higher than listing price and said they would never sell them the home no matter what a buyer offered. Instead I tell my buyers, let’s craft an offer that is favorable for you for all of your terms needed but also favorable to the seller. Remember there are more things to an offer than just price. Do you need the seller to assist you with closing costs? Do you need the seller to pay for a first year home warranty if you don’t have the funds needed should something go wrong like an AC needing replaced? Or do you need to be moved into that home by a specific date? If so, you need to take all of that into account when we are making the offer.
If you don’t have an understanding if the home is priced well or not, it might be helpful to look at sold data for the neighborhood so you can compare price and condition of the home you are considering to be sure it is in line with what the market is doing at that time.
And remember, if you or someone you know is thinking of buying in the 1st quarter of 2024, give me a call or text me directly at 706-339-4984 to sign up with us. I will be gifting $1000 at closing to go towards your home inspection or appraisal…it is the holidays!
If you are thinking of buying or selling, my team and I are on standby, 7 days a week, ready to help you take the smoother road to sold.