"It's going to take how long? Yes, it seems houses are taking a little longer to sell with an average of 29 days on market for single-family homes compared to the super-fast 19 days in June. We have been going at 100 miles an hour for so long that it started to feel normal and now going any slower seems painful. When you compare it to this same month last year, detached homes stayed on the market for the same amount of time and attached homes only took three more days to sell. In fact, the days on market overall was the same year to date as in 2015, 2016 and 2017. Anytime you go from 100 miles an hour to 65 miles an hour it feels like you're crawling, but, remember. you're still moving forward and the market always slows down when the leaves fall.
You have to pump the brakes. Yes, we are seeing price reductions and often there are more of those than under contracts, but sellers are still in the driver's seat - they just need to slow down a bit. Some sellers have still been trying to go at breakneck paces with homes priced based on summer sales. Slow your roll and remember pricing is about recent similar sales and the amount of competition. We ended October with 8,539 homes to choose from, fewer than the end of September, but more than any other month since November 2017. Agents need to study comparable homes sold from the past 60 days and then look at the amount of competition, then price accordingly."
November 2018 First American Title Eagle Examiner