Is today's real estate market really making sellers desperate? Some, including an author of a recent article quoting Redfin, say yes. Is their data to support that? Not really.
The main "desperation" data directly tied to sellers is that homes sat on the market for, on average, 56 days before selling. That's longer than we've seen in the last 5 years, but not historically long. As well, it says homes are selling 1.8% below asking. Again, that's different than during the covid market, but it's not bad.
Sellers are waiting longer and have to adjust their prices if they came out too high, but that's not desperation. That's typical.
What is the Typical American's Net Worth?
