A recent Realtor.com analysis found something that many experienced agents have been seeing firsthand.
Homes that sell within the first four weeks on the market typically sell for 1.8% more than homes that sell at the average time on market. On the other end of the spectrum, homes that sit on the market for 18 weeks or longer sell for an average of 1.3% less, creating roughly a 3% difference between the strongest and weakest performing listings.
The takeaway is simple.
Today's buyers have choices.
And sellers no longer have the luxury of overpricing their home and expecting the market to catch up.
What does that mean here in El Paso County?
We're seeing many of those same trends locally.
Current market data shows:
• 2,781 homes are currently on the market.
• Nearly 49% of listings have reduced their asking price.
• Homes are averaging 86 days on market.
• The Market Action Index sits at 37, meaning we're still in a slight seller's market, but buyers have considerably more negotiating power than they did just a few years ago.
For sellers, this reinforces something I've been talking about with my clients for months.
The first few weeks on the market are incredibly important.
Your pricing strategy, marketing, photography, preparation, and launch all work together to create momentum. When a home is priced appropriately and presented well from day one, that's when we often see the strongest interest and the best offers.
When a home is overpriced, buyers notice.
In today's market, they simply move on to the next option.
What does this mean for buyers?
This is where opportunity comes in.
One strategy I've been using with buyers is identifying well-maintained homes that have been on the market 60 days or longer.
That doesn't mean every home that's been sitting is a great opportunity.
Some are overpriced.
Some need repairs.
Some weren't marketed effectively.
But many are exceptional homes where the seller has become much more motivated.
Those homes often create opportunities to negotiate stronger terms than would have been possible during the first few weeks on the market.
As part of my negotiation strategy, I've negotiated more than $213,000 in seller concessions across my recent buyer transactions, averaging approximately $16,000 per buyer.
Negotiating the contract is only part of the strategy.
Once those concessions are secured, my lending partner works closely with each buyer to structure their financing in the way that best supports their goals. Depending on the buyer's needs, those negotiated seller concessions may be used to reduce the buyer's cash needed to close, temporarily buy down the interest rate to lower monthly payments during the first years of homeownership, or a combination of both.
Every buyer's financial picture is different.
Every strategy should be too.
Nicole's Take
This article isn't really about four weeks.
It's about strategy.
For sellers, it reinforces why pricing your home correctly from the beginning is so important.
For buyers, it highlights why there are opportunities in today's market if you know where to look.
Trying to "time" the market rarely works.
Professional investors spend their careers trying to predict the perfect time to buy and sell, and even they don't consistently get it right.
The better question isn't, "Is now the right time to buy or sell?"
It's, "What's the right strategy for me?"
Sometimes buying is the smartest financial decision.
Sometimes renting is.
Sometimes selling makes sense.
Sometimes keeping your current home as an investment creates more long-term wealth.
Over the past four years, I've helped 24 homeowners make that exact decision.
My job isn't to convince you to buy or sell.
My job is to educate you, negotiate on your behalf, and help you make confident financial decisions.
I'm an advisor, not a salesperson.
If you've got questions, I've got answers.
Let's build a strategy that's right for you.
