Sellers grew used to bidding wars in the pandemic boom as buyers, eager to land a home and facing stark competition, would bid up the price in order to win a home. Too much aggressiveness in pricing can be reflected in price cuts. They could get away with that in the past because there was no inventory and a buyer would see it because there wasn’t anything out there.” “They might want to price it at $685,000 let’s say, but the real price should be $650,000.
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“We have to re-teach how to price a home correctly,” said Jeff Lichtenstein, with Echo Fine Properties in Palm Beach Gardens. “In the past, people were pricing it high knowing that with the low inventory and strong buyer pool, you had a great opportunity to capture a record price or someone who was willing to pay more regardless of what other sales had been,” said Dave Gunther, real estate agent with Lang Realty in Delray Beach.īut sellers can’t get away with that now since buyers are aware that there are more options on the market to choose from, so if they don’t end up buying a home at the current price, then something will come on the market soon, he added. Price the house correctlyĭespite record-high housing prices, it’s crucial for sellers to price the home based on what it’s worth, and not on prices that they felt they could get at the peak of the market, real estate agents said. Here’s what sellers and buyers need to know and prepare for in light of a shift in the South Florida real estate market. “We are lucky that prices are still what they are today, but they just aren’t going to get into the same bidding war as they could a few months ago.” “Sellers kind of have a fear of missing out and they know the market has changed,” said Alex Platt with Compass in Boca Raton. It’s still a seller’s market, South Florida real estate agents stress, though it’s not the torrid one of six months or a year go where bidding wars were common, homes flew off the market in a matter of days and buyers waived inspection just to get into a home. – The housing market has slowly started to rebalance as less buyer frenzy and higher interest rates help soften it, forcing sellers to adjust to a more normal market. SPECIALTIES, DESIGNATIONS & ENDORSEMENTSįORT LAUDERDALE, Fla.
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