Real Estate Alert: Price Drops Hit Record Highs! 3 Crucial Stats You Must Know

Hey guys, price drops have hit an 18-month high. Here are three stats you need to know:

1. In May, 6.4% of home sellers dropped their home prices. In the last week of May, home prices actually came down by $3,000.
2. This is the first time home prices have declined in the last six months.
3. Homes are also staying on the market longer, now averaging 46 days. We are seeing more stagnation with listings.

When analyzing the market, we consider supply versus demand. We still have very low supply, but demand is decreasing due to high interest rates and record-high home prices. This combination makes affordability tough for many home buyers.

When discussing this with sellers, it's important to explain that a market can have pricing power or pricing pressure. For years, sellers had pricing power due to low supply and high demand. Now, with demand dropping, pricing pressure is entering the market.

The best time for a price adjustment might be surprising—it's at the listing appointment. At the listing appointment, we set the stage for sellers to be competitive with their pricing. Here's what I would say to the seller:

"Mr. Seller, when we put your home on the market, the first 24 hours are critical. Almost all buyers—95%—are signed up on a portal that sends them listings matching their search criteria. Your listing will be sent out to hundreds of buyers who will make a snap decision about whether they want to see your house. The price we're considering is competitive, but is it compelling? Will it motivate them to come and see your house this weekend or in the next few days?

"I think we should be more aggressive, and here's why: If we can get sellers to come down just a little and be more competitive on price, we can help them avoid stagnation. We want to attract that first wave of buyers who are eager to see something new and exciting. We don't want to adjust the price six weeks or two months from now when the market has stigmatized the property as overpriced or having issues.

"Control the price immediately. Don't let your sellers push the market. This is not the market to push prices; it's the market to create compelling, motivating prices."

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+ 32 Years of Real Estate Sales, Management, and Coaching Experience
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