Days on Market is higher than in the last two years. What does that mean for buyers and sellers?
FOR BUYERS - Well for one, buyers have a chance to breathe and shop. The increase in Days on Market is attributed to fewer buyers being in the market. For some, it is being satisfied with their current interest rate, and others are potential first time homebuyers intimidated by the daunting insurance and interest rates
FOR SELLERS - Now more than ever, it is paramount to price a property appropriately. As previously stated, fewer buyers seem to be in the market. The longer a property sits, the more likely it is going to require a price reduction.
Sales Price has peaked from the COVID - 19 Pandemic.
Be careful when comparing sales over the past year. June of 2022 and June of 2023 have completely different landscapes. Keep comps to within 3-6 months when analyzing properties.
Chuck Stall is a licensed REALTOR® WITH GNO REALTY
Broker: David Claus - Licensed in Louisiana
3225 Danny Park, Suite 202
Metairie, LA 70002 (504) 338-1144