You know it’s been too long when you look at the blog and realize it’s been SIX MONTHS since the last post. Ooops. What can I say? It’s been a wild ride.
STILL GOING STRONG
Just when we thought that there could not possibly be fewer homes for sale, the next month proves us wrong again. And again. Demand is just. So. Strong. And yet, buyers are still hard at it. There seems to be no shortage of qualified, eager buyers willing to go to the mat again and again to score that dream home.
Even when interest rates have ticked up, we’re not seeing significant cooling in the market.
THEY’RE NOT ALL WINNERS
But even though the market is nuts, the supply of buyers seems endless and the supply of homes has dwindled, there are still homes that may only get one offer, if any. Overpricing can still happen, and properties with unusual layouts or other features that are hard to compare can still put off buyers. Cocky sellers who think they can price too high and get what they want because “there’s nothing on the market” may very well be in for a rude awakening when buyers pass the property by.
NOTHING SUPRISES ME ANYMORE
The one thing that’s most predictable about this nutty real estate marked right now is just how unpredictable it is! A home that seems ridiculously expensive goes for 20% over asking, while another home that seems to be well-priced just sits.
All we can say for sure is that buyers still need to do a few things to stay competitive, and sane:
- Get pre-approved, and fully underwritten if possible.
- Have a solid down payment ready to go. 20% or more is best.
- Set your search for under your max price point to allow flexibility in multiple-offer situations.
- Don’t fall in love.
- Have faith.
Eventually, the wind will shift. Interest rates will rise, and more inventory will come on the market. Real estate is always cyclical, even when the cycle is long. The strong buyers’ market that followed the 2008 crash lasted about 10 years, but eventually the market shifted towards the sellers’ market we have today.
Trouble is, we can’t see the point where the market shifts until months after the shift actually happens.
A word to the Home Sellers
Now is an excellent time to sell. It will most likely still be an excellent time to sell anytime in the next year or two. No one can time the market, but you can be reasonbly certain that selling in this market will net you a high price and a quick sale.
Just make sure you have the right team on your side.