If you’re a buyer, it is OUT of CONTROL!!!
Looking for a home?
Having a hard time??
You are not alone! – Here’s what’s going on with the local real estate market…
Something happened last December, that shifted popular sentiment.
Since 2009 (the start of our local real estate recovery), buyer’s motivations would fluctuate with the latest news story:
- Economy (or stock market) picking up means, “we’re ready to buy”.
- Problems in Greece, “hmm maybe we should wait a few weeks and see what happens”.
THOSE DAYS ARE GONE!
As of December 2011, buyers have unanimously decided that this is the right time to buy.
Not surprisingly, sellers have decided, this is a horrible time to sell 🙂
- What happens when everyone’s buying and no one is selling? – A DRASTIC drop in inventory.
Though every micro-area is different many popular areas have had less than 1 month of inventory on the market at any given time for MONTHS now!
When a well priced (not under priced) home comes on the market, it is instantly swarmed with buyers and bid up with multiple offers.
The hottest segment is the entry level single family home, followed closely by the trade-up home… though right now, there is no “colder” segment of the market aside from maybe the ultra luxury homes $3mm+.
EVERYTHING IS SELLING!
- Aren’t there still foreclosures and short sales? -Yes, and they’re bid up just as much as regular sales (if not MORE, since “everyone” knows they’re the best deals).
- It’s not remodeled, so it should sell for a lot less? – In a different market, for sure!… here an now, it’s still getting bid up.
- Comparable sales from 3-6 months ago were $xyz, so I don’t want to offer $xyz +$20K — That’s fine, but you won’t be getting this house 🙂
What can you do as a buyer to navigate this crazy market? Stay tuned to find out more! (Or shoot me an email)
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