Market Updates with Will - Week of October 12

Agents, are you avoiding that price reduction conversation like an awkward family dinner? Let's learn how to tackle it in this week's Weekly Market Update with Will!

If we take a look at inventory numbers, total inventory jumped to 3.39 months. Looking across the board at inventory for existing, new construction, $450K and up, and under $450K, all four categories increased this week. The main reason for this is that we saw pendings stay flat. On a positive note, rates have not jumped in two weeks! Two weeks ago, they were at 7.58%. This week, they're hovering around 7.45%.

Listing agents, if your listing has been sitting for more than two weeks, this is the week to price reduce. We're aiming at a 3% price reduction in order to make a difference in the market we're currently in. Now, if you're thinking about a price reduction and you don't know if it's the right number, use the MLS pricing analysis tool to see how many buyers you're actuall gaining. If you don't know what that is, shoot me a message (contact me). Secondly, if you have an offer, always keep that offer alive. It's going to give you more leverage for other showings that are happening. Also, you're starting to get your seller in the mindset of a little bit of a lower price in case you get another offer.

Buyer agents, get your offer in writing and submitted! Sellers are feeling a little bit more desperate, and the emotions are high right now for them. This is your chance for buyers to actually negotiate on a home that they want, whereas earlier in the year, we couldn't do that. Take advantage of negotiating on the homes that they want and getting them a good deal.

Agents, negotiations may take a little bit more time, but try to remember that two agents are on the same team trying to find a compromise, and that's what's going to hold a strong deal together. See you next time! To view this blog in our video format, check it out on our Instagram and Facebook pages. Until next time!