How can buyers navigate this fast-paced market?
Buyers in this market are quickly learning that there just aren’t that many homes for sale. Although, while inventory is suppressed, the market isn’t quite what you think it is. We’re coming off our third best year ever in terms of sales. What does that mean?
It means that a lot of homes are selling—more than usual, actually—but they’re selling at such a rapid pace that it feels like there’s nothing available. Watching homes appear on the market only to be quickly absorbed has buyers frustrated.
In this market, a strong offer will put you in the driver’s seat.
There has been a huge influx of buyers in our current market, and there are a couple of reasons why that is. First, our low interest rates make homes more affordable. Second, our high rental rates push them to seek out homeownership instead of renting.
If you’re looking to purchase a home, there are two things you need to do before you make an offer on it:
1. Make sure you’re well-qualified and have all your financials in order.
2. Get solid representation when making an offer. It’s not always about sending an offer with the highest price; while that may be appealing to some sellers, offering great terms can be just as (and sometimes more) appealing to sellers. Your agent should reach out to the listing agent to find out what’s important to the seller so that you can craft your offer accordingly. A strong offer will put you in the driver’s seat.
If you have any other questions about today’s topic or anything to do with real estate, please feel free to reach out to me. Hope to hear from you soon!
Click here to view data as of March 16.
Market Snapshots as of March 3rd:
