I think most agents would agree that once their new listing has been on the open market – and unsold – for two weeks, the action dies down considerably.
Then the showings, if any, become vague and laborious because all of the motivated buyers have already seen it and passed. All that’s left is the occasional newcomer to the game who just begun their journey of learning the market. Or it’s a buyer-agent who is using this listing to set up the showing, and selling, of the better-priced home down the street or around the corner.
It’s made worse by the lack of quality buyer-agents. The older agents can’t keep up any more, and they have been retired – whether they know it yet or not. The kids don’t have enough experience or training.
The marketplace has been reduced to a single sentence. “Do you have any questions?”
The buyer’s answer is almost always the same…..”No”, and off they go.
The only thing left to wonder is whether there will be any negative impact from unsold listings stacking up everywhere. Will it bother the buyers who are still engaged?
Will they forget all about them, or come back later and lowball them?
Because lowballing is such a forgotten sport, I’ll guess that we will just get used to unsold listings laying around. Rancho Santa Fe is slowly getting back to its pre-covid norms of having a 10:1 ratio of actives-to-pendings (78:12 today), and it doesn’t appear to bother anyone. It’s accepted.
Because I feel the need to analyze everything, I’m going to institute a new gauge today and follow it over time to see the impact.
It looked like we were going to have 400 active listings between La Jolla and Carlsbad by the end of February. We haven’t quite hit it yet (though if you count the off-market listings, we’re well over 400 today).
Let’s call the new gauge the Stale Factor:
NSDCC Active Listings: 391
NSDCC Active Listings with 15+ days-on-market: 281
We have 281/391 = 72% of the active listings have been on the open market for more than two weeks.
It seems like a lot, doesn’t it?
Let’s see if the spring selling season starts picking up and the percentage goes down…or not.
