It’s always a buyer’s market somewhere. Even in a strong seller’s market, there are homes that sit, drop their price, and sell for a steep discount. The key is knowing where to look.
Willowbrook is a perfect example. Right now, it’s classic seller’s market: the median price for a single-family home is $575,000, market time is just 13 days, and inventory sits at a low 2.9 months. But the data tells a more complicated story.
Some homes sold fast, averaging just 3 days on the market, and went for nearly 10% over asking, with buyers paying an average of $30,000 more to win. But others lingered for over 100 days and sold for just 85% of list price, costing sellers nearly $90,000 off their original price.
Same suburb. Same season. Two very different outcomes.
In this video, we will look at how to spot buyer’s market opportunities, even in areas that are ultra-competitive, and why sellers need a great strategy from day one to avoid costly mistakes.
📩 If you’re looking for value as a buyer, or trying to avoid missteps as a seller, reach out anytime.
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Andersen Realty Group
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 https://www.ericandersenhomes.com
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Transcript:
If you’re a buyer, you’re probably tired of hearing about how competitive the market is right now. And it is, to be sure. All across the country, and across the western suburbs in particular, low inventory and high demand have kept prices rising and conditions favorable for sellers. I’m Eric with Andersen Realty Group, and in Willowbrook, the median single-family home is currently selling for $575,000, which is 5% higher than this time last year. Market time is low, at a median of 13 days. Inventory remains scarce at 2.9 months. By every conventional metric, Willowbrook is a seller’s market.
But real estate doesn’t work in absolutes. Even in the strongest seller’s market, opportunities still exist. If you know where to look, you’ll find them. They aren’t in the headlines; they’re in the high market-time listings, the homes that didn’t get their pricing or preparation quite right. As I like to say, there’s always a buyer’s market somewhere. You just have to know how to find it.
I tested that idea using Willowbrook as a case study. On the surface, it’s a textbook seller’s market. But if you look closer, you’ll see not every home follows the trend.
Of course, there are the competitive, cutthroat new listings. Homes that were well-prepared and priced well sold in an average of 3 days, often with multiple offers. These homes didn’t just meet expectations. They exceeded them. They sold for an average of 105.4% of asking price, with highest getting nearly 10% over asking. On average, the premium buyers paid for competitive listings in Willowbrook over the past 12 months is an average of almost $30,000. These homes came out strong, and the market rewarded them.
But not all homes get this kind of response. Even in a strong seller’s market, there are the listings that didn’t get any momentum and went stale. They were often overpriced, unprepared for market, and lost more and more interest with every passing day. On average, these homes spent 110 days on market, over 8 times longer than normal, and it hurt their bottom line significantly. On average, they received about 85% of asking price. The lowest went for 78% of asking. On average, these sellers took an almost $90,000 hit.
Same suburb, but two very different results. For buyers, this means that even in a strong, competitive market, there are areas where you can find deals and have the upper hand in negotiations. You can identify these by looking for listings that have been sitting for some time. They’re usually not prepared well for market, not updated, and often have several price reductions. Patient, observant buyers can take advantage of these listings and get a deal. Don’t just look at the new listings. Study the old ones. It might require a little vision and negotiation strategy, but these listings are out there. For sellers, this reiterates the importance of preparing your home for market and pricing it reasonably. If you go too high and leave too much room for negotiation, this will hurt you in the end. You only have one chance to make a great first impression, and you don’t want to waste your new-to-market window. The best way to protect your equity is to have a solid plan, not a wish.
No matter what the headlines say, remember: there’s always a buyer’s market somewhere. If you’re a buyer hoping to find one, or a seller who’d like to stay away from it, reach out anytime. And if you found this helpful, please like this video, subscribe to my channel, and turn on notifications. I’m Eric with Andersen Realty Group, a family-owned brokerage where we treat our clients like family.