Record prices drive more homeowners to sell.
In this article published by NAR, they contend that recent listing and sales data indicates that record prices for homes are spurring more homeowners to list their homes.
The Data
As prices have continued to soar to all time highs, NAR contends that the data demonstrates that there is now an increase in the number of people listing their homes for sale. They go further to say that the likely cause is the record prices for which homes are selling.
The data they present shows a national increase in new listings by 5.5% year-over-year and 10.9% month-over-month. Hampton Roads, in particular, shows a YOY increase of just under 7% (with a local YOY drop in median market time by 28 days).
Maximize Traffic
Buyers are quick to make offers in this market, so it is increasingly important to make sure that your listing gets the highest possible density of buyer traffic immediately upon listing. A great way to ensure that it does is by investing in professional real estate photography, walkthrough videos, drone photos, or Matterport 3D Tours. Using these tools will increase buyer interest in your listing and ensure that you set yourself and your clients up for the best possible offer situation.
Source: https://magazine.realtor/daily-news/2021/07/02/lift-in-listings-as-home-prices-shatter-records
