Many Home Buyers Now Find They Can Actually Think For A Minute Before Making An Offer


Many Home Buyers Now Find They Can Actually Think For A Minute Before Making An Offer
By Scott Rogers • November 18, 2022
For a few years now, many home buyers in Harrisonburg and Rockingham Countuy have felt the PRESSURE to make a decision QUICKLY after viewing a new listing. Monday, 8:00 AM - new listing hits the market Monday, 1:00 PM - go see the house Monday, 4:00 PM - make an offer Much of this mad rush, however, was due to an EXTREME number of home buyers pursuing every new listing. It was not uncommon to have 20+ showings on a new listing within 24 or 48 hours of the property being listed for sale. Higher mortgage interest rates have reduced overall levels of buyer activity and enthusiasm, resulting in many new listings having a more normal-ish three (or so) showings a day for the first few days that the house is on the market. As a potential buyer, when you are competing with other potential buyers -- instead of 19+ other buyers -- you have a bit more time to make a decision about whether you want to make an offer on a new listing. This change -- in my opinion -- is good, normal and healthy for our local housing market. It doesn't mean that houses aren't selling... or that they are taking ages to sell... or that they are selling for lower prices... it just means that sellers might have to wait a few days longer to have an exciting offer to review... and that buyers can actually take a minute to decide whether they want to make an offer on the exciting new listing. So, buyers... yes, let's go see houses quickly when they hit the market, but you might not need to make a decision about an offer within a matter of a few hours now... maybe you can sleep on the decision and let me know in the morning! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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