A counterintuitive pattern is emerging in Polk County, Florida. Properties are sitting on the market far longer than they did during the pandemic era, yet sellers are still closing at 97% of asking price when offers arrive, sometimes fielding multiple bids simultaneously.
According to Jen Lay, Team Leader / Listing Specialist at The Lay Group (eXp Realty), this combination of extended days on market and strong closing ratios is unlike anything she has seen in over 20 years of working the Lakeland area.
Long Waits, Steady Prices
Lay describes a market that looks soft on the surface but behaves differently once a transaction begins. Days on market, which ran as low as five to seven days during the COVID-era surge, have climbed into the 90s across much of Polk County. For buyers and investors scanning listing platforms, that figure signals a negotiating opportunity. Lay says that read is frequently wrong.
Homes are still selling at 97% of asking price in nearly every neighborhood, she says. That figure contradicts what extended time on market typically implies. She points to a recent listing of her own that sat for 66 days before suddenly drawing multiple offers. “Where was everybody the other 65 days?” she says. “That’s the thing about this market. It’s completely different from any market I’ve ever worked with in my whole life.”
The gap between perceived and actual market strength creates a specific problem. Buyers who interpret days-on-market data as leverage enter negotiations with incorrect assumptions, while sellers who understand the dynamic hold firm on price.
The Foreclosure Myth
The most persistent misconception Lay encounters, particularly among buyers at the lower end, is the belief that distressed inventory is about to flood the market and create bargain opportunities. She describes a recent call with a buyer who wanted to spend $170,000, was seeking USDA rural financing, and expected 6% in seller concessions. The buyer said he had heard from a contact at a bank that foreclosures were being held back and would soon hit the market at discounted prices.
Lay’s response was direct: even if foreclosures come to market, they are priced according to current market conditions, not at distressed discounts. “Anything under $200,000, you’re going to be fighting for,” she says. In that price range, she adds, buyers are far more likely to land in a multiple-offer situation than to find room to negotiate concessions, and she doesn’t expect that thin inventory to loosen up anytime soon.
The USDA financing requirement compounds the problem by limiting eligible properties to rural zones outside city limits, further narrowing an already thin pool of available homes. For buyers expecting a below-$200,000 entry point, the math works against them on multiple fronts.
Sellers Concede On Terms
While buyers may be misreading the market as soft, sellers have made a genuine adjustment since the COVID era. Of the 63 transactions Lay’s team closed year-to-date at the time of the interview, approximately 50 to 52 involved some form of concession, either a price reduction or closing cost assistance.
“Sellers have finally gotten realistic that we’re not in the COVID market anymore,” Lay says. During the peak, she processed over 60 offers on a single listing. That environment is gone. Sellers who still have equity are willing to negotiate on terms without moving significantly on price. This is why the 97%-of-asking-price pattern holds even as days on market extend.
The adjustment is not universal. Lay describes a current listing where the seller received three identical-price offers. The seller countered all three with the same terms and refused a $10,000 price reduction Lay had recommended. The seller eventually went under contract at the same price as the original first offer, after weeks of unnecessary delay.
Buyers Take Their Time
Lay attributes the extended days on market partly to buyers becoming more selective and analytical. Buyers now use AI tools to research properties and market conditions before engaging an agent. This makes them slower to commit but better informed when they do. The extended market time reflects buyer patience and selectivity, not seller desperation.
For sellers, the implication is that properly priced homes will sell, but the timeline has stretched. A listing sitting at 60 or 70 days is not failing. It is waiting for the subset of buyers who have completed their research and are ready to act. The sellers who resist that timeline by refusing reasonable offers end up accepting the same terms weeks later, having lost time without gaining price.
“This market is the toughest one that I’ve seen in a very long time,” Lay says. “Be patient with the market, because sellers, you’re going to sell, and buyers, you’re going to find the perfect home, as long as you work with the right person.”
About the Expert: Jen Lay is team leader and listing specialist at The Lay Group with eXp Realty, who has sold real estate in the Lakeland, Florida area for more than 20 years.
This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.