I’ve been busy. So busy I couldn’t get to my Blog article. I guess my last post prompted some buyers off the fence because I have been shopping with buyers almost every day for the past couple of weeks. Oh…don’t get me wrong, I’m not complaining!
In this post I thought I would relay my impression of what’s going on out there. For buyers, it is still an incredible time to buy. The rates are low (some days below 5%) and the prices are low. I’ve notice the inventory level dropping in certain areas. Sales have picked up. It will be interesting to see the RMLS Market Action Report for September when it comes out in a few weeks.
I have been involved in several multiple offer situations. The “gems” that pop up on the market are selling almost immediately and with multiple offers. In some cases, the sellers are listing their properties below market value on purpose. This strategy attracts multiple offers. The outcome is usually an accepted offer that is well above the original list price.
For Sellers, price is the most critical factor. There are also still sellers out there that believe that since their property is not bank owned or a short sale that they can list their property higher. This is a big mistake. The market is the market. Sellers should expect to compete with distressed properties or consider waiting for rosier times.
On a final note, there is no guarantee that the tax credit will be extended. People who feel the government is spending too much money will fight legislation that proposes an extension. In any case, it is still not to late. Buyers need to be pre-approved by their lender and ready to make an offer the very day that they find their dream home. It’s encouraging that there is more positive energy in the business right now!
All my best,