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As interest rates have gone up, buyers’ tolerance has gone down.
Generally speaking, the mindset of buyers now is dramatically different from two to three years ago.
Buyers used to be more open-minded and flexible and now that has changed.
Higher rates have caused them to be far less tolerant of:
- Aggressive pricing
- Wear and tear
- Properties in need of updates
- Properties not staged
- Defects and bad odors
- Unsightly neighboring properties
Essentially, buyers are saying “If I am going to pay a higher interest rate, the property needs to be fairly priced and in very good condition.”
Sellers who are not aware of this dynamic, are the ones who have properties sitting on the market for excessive time.
