Why Price Reductions Are Common in Our Local Housing Market

Have you noticed how quickly homes were flying off the market just a year or two ago? You’d list your home and multiple offers start coming in, often within days. But now, things are shifting, and it’s crucial for sellers to understand what that means for you.

What’s happening in the market? Recently, I’ve been keeping a close eye on our hot sheet, which tracks everything from new listings to homes going under contract.

The surprising trend is that home prices are starting to come down. I’ve seen two pages filled with price reductions lately.

Why is this happening? Possibly because sellers are getting a bit anxious, especially if their homes have been on the market for a month or more without a contract. This could signal we’re heading towards a more balanced market, where buyers take their time and have more options.

What is a balanced market? This type of market typically has about 5 to 6 months’ worth of inventory. In this environment, buyers feel less pressure to rush and can make more thoughtful decisions. While home prices might stabilize, they could also dip. That means it’s more important than ever for sellers to understand what they’re up against.

Here’s what I always tell my clients: Before you list your home, talk to your agent. Make sure they provide a full picture of the market. Know how many homes you’re competing against or if home prices are really going down. Understanding these factors will help you position your home effectively.

One key tool I use with my sellers is the seller’s net sheet. This document helps you understand what you’ll actually walk away with after selling your home. It includes all the costs, like commissions and attorney fees, so you know your true bottom line.

While I can’t provide tax advice, that’s best left to your attorney or tax preparer, I can help you navigate the selling costs. Knowing these details is crucial for avoiding any surprises when it comes time to close the deal.

This market is still active, and buyers are still out there—but the game has changed. Homes are taking longer to sell, and strategic pricing matters more than ever. Don’t list blind. Talk to a professional who understands this market and can help you price smart, prepare well, and sell with confidence.

If you have questions or need assistance, don’t hesitate to reach out. Please contact me at (607) 795-2904 or vickischamel@kw.com. I’m here to help! Enjoy the summer, and let’s make the most of it together.