Memorial Day weekend did not take the usual dramatic nosedive we often see.

 

Tuesday title orders came in looking healthier than expected, which is giving us cautious optimism for a little rebound heading into Father’s Day weekend before we officially slide into the slower, more tepid stretch of the market.

 

And yes, we are officially entering the back half of the year where pricing strategy and timing matter more than ever.

 

Price reductions are becoming increasingly important and sellers need to understand that the market is no longer handing out participation trophies for simply existing on the MLS.

 

The listings winning right now are the ones priced correctly from the start or adjusted quickly and strategically when the data tells you it is time.

 

Showing activity per listing is running slower than last year in many price points and property types, while days in MLS are stretching longer across much of the market.

 

Detached homes are still outperforming condos and townhomes, but even detached properties are seeing more hesitation from buyers than we experienced this time last year.

 

For condos and townhomes especially, patience is becoming part of the strategy.

Many entry level buyers are taking longer to make purchasing decisions and in many cases are skipping the traditional starter condo altogether while aiming directly for a detached home.

That means condo and townhome sellers are often facing a more competitive environment with larger price reductions becoming more common than they were a year ago.

 

This is where knowing your numbers matters.

Expectations must be set early in the process for both buyers and sellers.

Review the showing trends, pending ratios, and median days in MLS by zip code, property type, and price range before you take the listing or make an offer.

 

Set expectations early and honestly. Sellers can handle reality far better than surprise.