At the height of last year's housing market, a good home listed for sale on a Wednesday would often be sold by the end of the weekend. Hopeful home buyers had to act fast if they hoped to get a winning offer in on a listing that garnered a lot of interest. These days, though, the housing market has slowed. But does that mean you no longer have to worry about losing an opportunity to a faster, better-prepared buyer?
Not really. Though buyer demand has definitely slowed, the supply of homes remains low and good homes still sell quickly. The NAR's report found the typical home for sale was on the market just 21 days – only three days better than last year at this time.
Lawrence Yun, NAR's chief economist, says good homes continue to attract competition. “Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers,” Yun said. “In October, 24 percent of homes received over the asking price.” In other words, though the market has changed, home buyers still need to be ready, especially if they're looking for a turnkey home in a popular area.