As a home seller, conditions vary depending on where you’re trying to sell. In the Midwest, for example, less inventory means markets are still fairly competitive, if slower than they were a few years ago. That’s different than in the South, where a building boom has inventory outpacing buyers. But no matter where you are, the housing market has slowed over the past few years and sellers need to adjust their expectations. The evidence is in the numbers. For one, the number of listings that underwent a price cut is now just over 20 percent, which is slightly higher than last year at the same time. Homes are also on the market longer than they were last year, with the typical home spending 46 days for sale before accepting an offer. Those are both indications that home buyers are more hesitant due to affordability conditions. They’re also indications that a seller who prices their house too high could see it sit longer on the market and possibly have to lower its price before it sells. (source)
