Our Changing Market and How It Affects You
If you or anyone you know has been looking to buy a home recently, you are sure to hear some very interesting stories as our market takes a very sharp turn to an extremely favorable sellers market.
Some of the challenges that buyers are experiencing can only be explained with an explanation of the market conditions. You fall in love with a house and make an offer, only to find out there are multiple offers on the property and your agent tells you to come up in price. You come up in price, but its still not enough. You lose the bid for your “dream home” and have to start again. How is it that a highly qualified buyer can’t find a home?
It’s a struggle most home buyers are facing now. The market dictates our path of home ownership. A sellers market occurs when there is little inventory, and great interest rates on mortgages. There are more borrowers approved then there are houses to fulfill the demand. This easily becomes a sellers market and a higher price point is obtained through a system called supply and demand. Homes are selling higher than expected because we have a shortage of homes.
An experienced realtor can help you get through this difficult market, but it is important that you choose someone with experience in this type of housing climate. A seasoned agent will be able to walk you through this process and best advise you on how to obtain your goals. Most importantly, once you obtain an accepted offer, you should work expeditiously to have that home inspected so you may move to contracts. Remember your deal is never secured until fully executed contracts are signed!
Likewise, we at Meg Smith and Associates stand ready to help sellers in this market negotiate the best offer for your home, and follow through in the most professional manner. Call us for all of your real estate needs!