A noticeable increase in the number of homes staying on the market for a month or more was observed in June, which is a significant shift from previous years.
“Currently, I have approximately 15 properties listed,” mentioned Heather Spinosa, a realtor in the Tampa area. “Previously, my phone would be ringing off the hook. Now, I’m having to reach out to sellers and inform them that the market is a bit slow right now.”
During the early stages of the pandemic, many homes in certain areas were selling within days of being listed. Fast forward to this June, where 64.7% of homes remained on the market for at least 30 days without receiving offers, as reported by the real estate company Redfin.
This percentage is up from 59.6% compared to the previous year, attributable to higher prices and mortgage rates. Redfin experts suggest that sellers need to price their homes competitively and make necessary repairs before listing.
Redfin’s AI-powered tool, Redfin Redesign, can be beneficial in this process, offering recommendations for improvements such as paint colors, lighting, and furniture arrangements.
“It’s essential to consider the necessary preparation work and showcase your home in the best possible way,” stated Jason Aleem, Redfin’s chief of real estate services. “The presentation of your home plays a vital role in attracting buyers.”
While Redfin’s AI tool provides valuable insights, homeowners like Chris Weston emphasize that selling a home requires more than just visual enhancements.
For sellers looking to enhance their curb appeal, Zillow suggests small projects like painting the front door, power washing the exterior, updating house numbers, giving the mailbox a makeover, and adding plants or hanging baskets.
Florida and Texas are experiencing a notable increase in unsold housing inventory, according to Redfin. Although Redfin Redesign is currently accessible for about 210,000 listings, Aleem expressed a desire to expand this service to more users in the future.
