A significant increase in the number of homes staying on the market for a month or longer was observed in June, marking a notable shift from previous years.
“Currently, I have around 15 properties listed,” stated Tampa-based realtor Heather Spinosa. “Previously, inquiries would flood in constantly. Now, I find myself informing sellers that the market is a bit slow at the moment.”
Amidst the early stages of the pandemic, numerous homes were selling within days of being listed in various areas. However, this June saw 64.7% of homes on the market remaining unsold for at least 30 days, as reported by the real estate company Redfin.
This percentage has risen from 59.6% compared to the previous year, attributed mainly to higher prices and mortgage rates. Redfin experts recommend fair pricing and cosmetic enhancements to attract potential buyers.
Redfin’s AI tool, Redfin Redesign, is suggested for assisting in this process.
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“Careful planning is essential for preparing your home effectively. Presenting your home in the best possible light is crucial,” emphasized Jason Aleem, Redfin’s chief of real estate services.
Redfin’s AI tool offers suggestions for changes like paint colors, lighting, and furniture arrangement to improve the appeal of the property.
“This tool allows you to envision potential investments and personalize your living space. It’s a game-changer for both sellers and buyers,” Aleem added.
However, as Florida homeowner Chris Weston discovered, selling a home requires more than just aesthetics.
Various small upgrades, such as those recommended by Zillow for enhancing curb appeal, can make a difference.
- Painting the front door
- Power washing the exterior
- Updating house numbers
- Refreshing the mailbox
- Adding plants and hanging baskets
According to Redfin, Florida and Texas are witnessing a significant increase in unsold housing inventory. The Redfin Redesign tool is currently available for approximately 210,000 listings, with plans to expand its reach to more users in the future.
