WE ARE EXPERIENCING LOW INVENTORY.
Since the market is moving so quickly, buyers need to use reliable property searches provided by real estate professionals. Zillow, Trulia, Realtor.com are all great places to search for homes, but are not always up to date. I have buyers on a regular basis send me homes from these sources and are already under contract. Ask your real estate professional to set you up for a search that meets your criteria so you can view homes as soon as they hit the market or experience a price reduction.
Bottom line: Sellers, now is the time to list. Buyers, use a reliable property search and sign up to receive listing alerts to your inbox when homes come on the market or experience price reductions.
MULTIPLE OFFERS ARE ALMOST INEVITABLE.
Because inventory is low, there is a higher demand for houses currently on the market. Therefore homeowners are receiving multiple offers. I received 6 offers on a home that had been on the market for 3 days. Sometimes the offers include an escalation clause. An escalation clause is worded different for every real estate company but basically states that you are willing to pay “x” amount of dollars over the highest offer up to “x” amount of dollars. Some agents think these are unprofessional, but right now you almost can’t afford not to use this if you are fighting for the home of your dreams.
Bottom line: Don’t be afraid of multiple offers, your real estate professional will help you through the process.
HOME PRICES ARE ON THE RISE.
Lower inventory increases demand, resulting in higher house prices. In the last month, I sold two townhomes in the same subdivision for over asking price in record time (1 day & 3 days). This is giving additional value to the surrounding homes and incentive for sellers to move.
Get pre-approved before you start your home search so that you know what you can afford and don’t miss out on a home. Please note that being pre-qualified and pre-approved are not the same thing. Pre-qualification is more of a guess, while pre-approval is a guarantee. A pre-approval is good for 4 months and will not hurt your credit unless run more than 3 times within 60 days. Speak with your lender today or ask your real estate professional for a trusted lender they can recommend
Bottom line: Lower inventory increases demand, resulting in higher house prices. Get pre-approved before you start your home search so that you know what you can afford and don’t miss out on a home.
THE DANGER OF FOR SALE BY OWNERS IN THIS MARKET.
I had a client call me the other day almost in tears saying “Help!” They were selling their home without an agent and had gotten into a situation where the buyers on their home needed to move up closing because of the closing on their home………confusing right? So they needed to find a home to buy or they were going to be homeless. Real Estate Specialists are here to help you through difficult situations like these. Luckily she called us at the right time and is working with our buyers specialist to find the perfect home, even in this tight market.
Bottom line: Real Estate Agents are here to help you through the process. Find a Real Estate professional that you trust to walk you through the homebuying and homeselling process.Published in