This is a crazy market, multiple offers, over bidding, appraisals and financing falling apart. It's a sellers market, yes, but what good is a sellers market when the seller can't find a new home to
It is a SELLERS MARKET!
Dated: March 18 2021
If you are a buyer, the one thing you have realized by now, or soon will, is the fact that THIS is a SELLERS MARKET! However, if you have a savvy, out of the box thinking "buyers agent" to help you through the home buying process, then you WILL win in this market.
To give you an idea on how competitive this market is between buyers, you should know that I listed a home on a Thursday, had 19 showings the first day on the market with 7 full price and above list price offers. This home was listed at 349,900 and ended up receiving an offer of 375,000 and no closing costs from the seller. In the end, it appraised and sold for 364,000.
First, understand that there are multiple offers on homes right now, if you are offering the "asking price" or below, you will never win the offer! Also, if you only have a "prequalification letter" and not a "full approval", no matter what you offer, you will not win the offer. Last but not least, even "fully approved" buyers are missing the boat, in some cases, there are lenders offering "same as cash" approvals. You just need to have a savvy agent who knows what options you have as a buyer and who provides the services required to win an offer on a home.
Buyers who have "contingencies" on selling an existing home have less chance of an accepted offer than other buyers who do not have this contingency. The best way to get an accepted offer on a contingency of selling an existing home is to have your home listed with a Realtor, and preferably under contract, prior to offering on any home.
For buyers with homes to sell, there are options to "buy first" and sell later. For buyers who need repairs or upgrades to get the highest return on the sale, have options to use a contractor for the repairs and pay the contractor once their home sells. This is a great advantage for sellers who do not have the money for the repairs and upgrades upfront.
Yes, it is a tough market for buyers, although the interest rates are really low, we also have low inventory and this is why we have stiff competition at the moment. At the same time, it is a GREAT market for sellers, if they don't miss the boat on getting their home on the market at the right time.......which is now! No matter where you are in the process, I have solutions for you. I win offers for buyers all the time and get my sellers the top market price possible in the shortest amount of time. My listings are typically on the market less than a week and more likely to go under contract on the first day on the market.
My buyers usually go under contract within the first 20 days of starting the process of our search. I also have "off market" properties available and so, if you are a buyer or a seller who would like to be on my "off market" list, I can save the buyer and seller money by facilitating a sale between the buyer and seller for half the cost of listing. For Buyers, tell me what you are looking for and I will approach "potential sellers" about selling their properties. Sellers get market value without the hassle of multiple showings and buyers cut through the competition and pain of losing offers. It's a win win for all!
I help sellers go under contract in 20 days or less, guaranteed. I help buyers find the best deals whether it be a foreclosure, short sale, HUD, HomePath, resale or new home. I enjoy helping a buyer ....
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