When new listings dip as they have this week it can be a concern whether the supply of homes for sale will drop as well, especially when accompanied by a rise in pending sales as well. A rise in coming soon listings is encouraging that more new listings are coming.
New NorthstarMLS area listings are still higher than last year at this time, but Minnesota property showings are lower, more on par with 2022. The showing and competition frenzy has slowed down, but still exists. Instead of 20 showings and and 10 offers when a new listing hits the market, there may be 8 showings and 4 offers.
Of course it always depends on the property… great locations and outstanding condition are always in high demand, regardless of market conditions. But be careful on pricing… buyers are more savvy and cautious than ever. Your asking price can impact not only your bottom line but also how quickly it sells. Learn more about pricing your house right in the infographic below from our blog at Keeping Current Matters.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
