With Spring just around the corner, we are slowly seeing an uptick in NEW listings. Typically, Thursdays are a big day for listings to post with an anticpated weekend of multiple showings, and multiple offers. If a home is priced competitive, and shows well, the home will be under contract by the following Monday. This makes things tough for Buyers. Here are a few tips to consider.
Most homes are selling for asking price or more. Buyers are making what I consider to be ridiculous offers.
Winning offers tend to include the following:
Appraisals gaps (meaning the buyer is willing to pay more out of pocket to make up for what the home appraises), inspection limitations or waivers, and escalation clauses (where they offer one amount, but will go up to another specific amount, if another bid comes in higher!)
We need the supply/demand to become more balanced in order for things to return to a more “Normal” market.
So if you must buy today, know what you are up against, Some folks think our market is going to continue this upward climb. I think we are past due for a correction. Government stimulus, and forbearance are causing a delay in this correction, but someday will have to end, right?
People won’t walk away from their homes like they did in 2008, there is too much equity at stake, so I believe we are about to peak , interest rates are rising, and sellers will want to sell before we start to see price adjustments. Once we see more inventory, the market will become more buyer friendly.
So the simple answer is Sell now, why the market is hot. Wait for the correction before buying, or buy in another more favorable area that you can get more bang for your buck!
No one has a crystal ball, Mine is just an opinion, Happy to hear yours, discuss the market, and help you with all of your real estate needs.
