A Waning Market
Housing is slowing in 2024 because more homeowners have decided to sell, and they have been accumulating on the market. The Expected Market Time is at its highest level for a start to September since 2019.
Sometimes, driving around to run some local errands turns into an all-day affair. Not checking the go-to navigation app beforehand and hopping on the freeway ready to zoom a few miles to the mall, nursery, or hardware store turns into a disaster. Everyone must have had the same idea because the freeway is practically stopped. The unexpected stop-and-go traffic turns the short trip into a time eating nightmare. Frustratingly, it takes a lot longer to get through the list of errands.
Similarly, homeowners placing their homes on the market today with the expectations of multiple offers and short market times is simply not today’s reality. Instead, there is a lot more seller competition. It used to take days to secure an offer, but, for many, it is now taking weeks or months. The Expected Market Time (the number of days it takes to sell all Orange County listings at the current buying pace) has increased from 37 days in March to 73 days today, the difference between zooming to your destination and stop-and-go traffic.
Excerpt taken from an article by Steven Thomas.
