With interest rates ridiculously low, homes are being snatched up as soon as they hit the market. Many buyers are paying cash, skipping inspections, and even appraisals in order to be able to
High Demand and Low Inventory Equal a Busy Holiday Season
Dated: December 11 2020
Views: 43
With interest rates ridiculously low, homes are being snatched up as soon as they hit the market. Many buyers are paying cash, skipping inspections, and even appraisals in order to be able to purchase.
What does that mean for sellers?
Sellers have the upper hand but don't let that go to your head. Most buyers will still need a loan and appraisals will still only allow what the property is valued for. Make those neccessary repairs before going on the market to save time negotiating back and forth as much. Price your home to sell! People tend to get greedy in a sellers market and sometimes that can hurt the sale. Some buyers refuse to get into bidding wars and will not make an offer if its encouraged by the selling side. Leaving the seller with even fewer offers to choose from.
What does this market mean for the buyers?
Remember, you're still searching for a home that is a good fit for you. Physcially, geographically, and financially. Don't put yourself in unneccessary stressful situations and trust your agent to navigate the process with you. Understand what you are looking for and what you can afford. Compromise on those two points if needed. Above all, be patient in your search. Many times I have seen buyers lose out on a great house only to find "the perfect home" soon after.
If you have thought about selling now is the time to get top dollar with minimal hassle. Serous buyers are still shopping through the holidays.
If you are a buyer and feel defeated with this competitive market give me a call. I search for homes BEFORE they put the for sale sign in the yard. I can help you put your best offer forward and navigate the sale professionally, quickly and smoothly.
Loura Caffey, The Real Estate Geek (615) 207-7768
Loura Caffey
Known as The Real Estate Geek, Loura has been involved in the real estate industry for over a decade and is a leading authority on the internet and Social Media Marketing. Her knowledge of today's re....
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