Days are Shorter, Days on Market Longer: Navigating the Fall Real Estate Market

As the vibrant colors of fall begin to paint the landscape, the real estate market also experiences a shift. With the holidays approaching, buyers and sellers alike are adjusting their strategies to make the most of the season. However, the current market trends indicate that houses are lingering longer on the market than usual.
Market Overview:

1. • A significant 60% of homes have been on the market for more than 30 days.
   • 35% of listings have surpassed the 60-day mark.
   • In the luxury segment, 36% of homes priced between $5 million and $9.999 million, and a staggering 56% of the 180 active listings priced at $10 million or more, have been on the market for over four months.

With these statistics in mind, sellers are becoming increasingly anxious to close deals, making the next two months a prime time for buyers to negotiate favorable terms.

Tips for Negotiating:

1. 1. 1. Be Bold with Offers: Don't hesitate to present offers below the asking price, even significantly lower. Sellers are more open to considering under-asking offers in the current climate.
      2. Avoid Assumptions: Never assume what the other party will agree to. The dynamics of negotiation are unpredictable, and flexibility can lead to unexpected agreements.
      3. Check Your Ego: Courtesy goes a long way in negotiations. A lack of it can derail potential deals that might otherwise succeed.
      4. Leverage Concessions: When possible, tie concessions to requests. Even small concessions can keep negotiations moving toward a successful agreement.
      5. Use Time Strategically: Time can be a powerful tool in negotiations. Whether speeding up the process with a short expiration or slowing it down to apply pressure or allow for additional offers, timing can influence outcomes.

Every real estate transaction is unique, involving different parties and circumstances. While negotiation strategies carry inherent risks and rewards, the ultimate decision rests with the client. As a real estate agent, your role is to guide your clients toward a successful outcome, ensuring their interests are well-represented in every deal.