In August, half of Redfin home listings in Delaware County still hadn’t found a buyer after 60 days, indicating a slowing real estate market, writes Michaelle Bond for The Philadelphia Inquirer.
This comes after years of record low mortgage rates and fierce competition.
Current conditions locally are what real estate brokers call “extra stale,” with homes not moving after 60 days.
A similar trend is happening nationally, according to a Redfin analysis of its listings.
Homes haven’t sat that long on the market since 2019.
The cause comes from elevated mortgage rates and continually rising home prices in the last few years that have pulled some potential buyers out of the market.
That means those still looking for homes don’t have as much competition and can take more time to choose a home.
“If a home is still on the market after a few weeks, buyers assume there’s something wrong with it,” said Daryl Fairweather, chief economist at Redfin. “That’s why it’s so important to price your home to move quickly. Buyers see the days on market and when it starts to tick up, it’s like a scarlet letter.”
Find out more about how the experts see the current housing trends in The Philadelphia Inquirer.
