Monday, July 2, 2012

Major Shift in Local Real Estate Market

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For the first time in eight years, we are seeing a tremendous shift in selling trends across the board. Our existing inventory of homes on the market available for sale is now forty percent lower!  What does this mean to you as a player in the game of real estate?  It means that now, as a seller, you finally have some leverage. A lot of leverage, in fact. Here are some of the things we are seeing as a result of this huge change toward the sellers’ favor:

Low Competition

Fewer homes on the market translate to fewer competitors to contend with. Wouldn’t you like to be the only house on the street that is for sale?  Often times a buyer will home in on a certain area and then seek to find the property of their liking within that vicinity. If your house is available for sale then imagine the type of interest you will receive if yours is among the very few listed in that neighborhood?

Multiple Offers

When you do factor in that many buyers are out there still trying to take advantage of the phenomenally low interest rates, sellers are clearly in a win-win situation. Buyers have no idea how long these interest rates will remain so low, so naturally they are scrambling to get theirs now. Sellers are being met with multiple offers now, with the leverage to be able to be choosy with the offers that come in.

Bidding Wars

Along with multiple offers comes another aspect of selling in a sellers’ market – bidding wars. Some buyers are so dead set on the home they want that they make an offer the seller can’t refuse. Usually all the buyers that are interested tend to make various offers within the fair market value range to start but then move up slowly in competition with one another.

Near or At 100% of Asking Price

The bidding wars almost always end up in the seller receiving top dollar. Whether this means achieving a number very close to the asking price or even above, the bottom line is that when there are more buyers vying for you property, you (the seller) have the edge.

Many Trading Up

A lot of sellers have more than just selling in mind; they are planning to buy in these phenomenal market conditions. Keeping in mind that it is currently a “dollar for dollar” market, what you receive in the sale of your home will also be translated into what you afford to get in a new home. That means that this is the perfect time to trade up while locking in very low interest rates in the process. The low cost of borrowing right now is ample incentive for many sellers to trade up nowadays.
So here is the question I ask you: Would you like to drop your house into a growing pool of buyers or would you rather sit the market out and wait for it to change again?

Contact me today so we can get started on getting you a fantastic deal on your home!