Homes making their first appearance late in the week seems to be here to stay for a while. The number of homes hitting the market at the same time sends buyers into a frenzy. Offers over asking are the new norm. The charts below reflect the number of new listings over 2 days -June 2nd at 1pm to June 4 at 1pm. The weekend rush has begun!
By Sunday at 1pm the number of new listings is significantly reduced.
By mid-day Monday the number will be even lower. Buyers know to pounce on the weekends but are sellers really capturing the best offers by listing with the “weekend herd”? Time will tell whether the strategy is here to stay.
Buyers and sellers need to think about what works best for them in a competitive market. Feel free to ask questions about the number of contracts failing because of buyer and/or seller remorse. At what point are buyers going to stop agreeing to pay more than the appraised price? How will slightly higher interest rates affect the real estate market?
Weekend mania may sound like fun but eventually, buyers and sellers move in a different direction to ramp up sales. Stay on top of market trends by staying in touch with your Realtor®