Although the Richmond Metropolitan area has been mostly unaffected by a downward pressure on prices, it has nonetheless seen a change in how long a home will stay on the market.  Gone are the days when a home would sell in days or weeks.  Instead we have returned to a more normalized market where homes can take months to sell.

Sellers who want to move their homes quickly can’t afford to be so stubborn about their asking prices. Remember, buyers are taking note of the change in the market and more than ever they are looking to find deals.

According to David Lereah, the chief economist for the National Association of Realtors, nationally, we are now in a solid buyer’s market.  He says “It has been a seller’s market for many years, but now we are seeing people across the country making deals and bringing prices down.”

While I don’t necessarily agree that we are in a true buyer’s market where sellers have to yell “uncle”, I do know that buyers are taking more time because they have so much inventory from which to choose.  Last year and in the “boom” years, competition for homes was so fierce that buyers were afraid they’d lose a home so they offered full price or more and were willing to give up important rights such as getting a home inspection.  Those days are long gone. 

Sellers who are still thinking they can get the inflated prices of years past will find themselves in quite a jam if they don’t make the shift before even more of the spring surge of homes come on the market.  Demand is picking up somewhat but there is still a large inventory of homes that have lingered for months.  The key to a successful home sale is smart pricing.  The more realistic sellers are about pricing their homes right the first time, the faster those homes will sell and for the highest possible price.