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Typical Home For Sale Sells In 21 Days
Dated: November 22 2022
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At the height of last year's housing market, a good home listed for sale on a Wednesday would often go under contract by the end of the weekend. Hopeful home buyers had to act fast to get a winning offer on a listing that garnered significant 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 slowed, the supply of homes remains low and good homes still sell quickly.
The NAR's report found that the typical home for sale was on the market just 21 days – only three days better than last year. NAR's chief economist Lawrence Yun 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 must be ready, especially if they're looking for a turnkey home in a popular area.
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