How to Manage the Top 3 Real Estate Market Shifts

Know the changes in the market, from buyer behavior to market dynamics.

In a market that’s constantly evolving, staying ahead isn’t only important, but it’s also essential. Three major shifts have emerged over the past 30 days, transforming how buyers and sellers approach their decisions. These changes, at a macro glance, are not only trends but also powerful indicators of where the market is headed. Here are the three things that we’re seeing daily: 

1. No More FOMO (Fear of Missing Out). In 2020, 2021, and even some of 2023, buyers were aggressive, feeling an urgency to outbid others to secure a home. That sense of urgency and the "I need to have this house" mentality have faded for many buyers.

“Managing this ever-changing real estate market requires having someone who knows your area and price point.”

2. Longer Time on the Market. While most markets, neighborhoods, and school districts are still in a seller's market, homes are now spending more time on the market. The average time has increased from 36 hours to 10 days, 14 days, or even 30 days, depending on the price point and location.

3. Changing Buyer Mentality. In the last 30 days, buyer mentality has seen a noticeable shift when making offers. There are more concessions, such as seller requests to cover repairs or closing costs. Buyers also include more inspections in contracts—home inspections, radon, termite, and sewer scopes. Additionally, there’s a trend of buyers making low offers, sometimes 5% to 10% under list price, and not engaging in counteroffers.

Managing this ever-changing real estate market requires having someone who truly understands your area and price point. 

The insights I’ve shared about the recent shifts in the market highlight just how critical it is to have a knowledgeable guide by your side. Whether you’re selling or buying a home, the real key to success lies in working with a professional who can act as a consultant and lead you through the complexities. 

If you want to learn more about selling or buying a house in today’s market, please call (330) 417-3144.