One of the big challenges for home buyers this year is how quickly homes have been selling. It hasn’t been uncommon to see a good listing go up midweek and sell before the following Sunday. That doesn’t leave much time for interested buyers. Buyers need time to get out to see it, consider their options, and make a solid offer. But while new numbers show homes are still selling quickly, there was a slight improvement in October.
Average Time On Market Increases
In fact, the time the typical home for sale was on the market bumped up to 18 days from 17 days the month before – the first improvement in months. And while 82 percent of homes sold in less than 30 days, that’s 5 percent fewer than did in August, for example. In other words, autumn home shoppers still need to be prepared to act fast, but may have a little more time than buyers did this summer. Lawrence Yun, NAR’s chief economist, says the challenging conditions haven’t slowed buyer demand . “Home sales remain resilient, despite low inventory and increasing affordability challenges,” Yun said. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.” Click on the link for more information.
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