I believe this is one of the most interesting real estate markets we’ve had in years. While a multitude of contributing factors influenced it, the market’s subsequent attempts at recovery have created the conditions where an assortment of opportunities exist.
Today’s real estate market is not dominated by one distinct characteristic – it is distinguished by many. No longer does the description “buyers’ market” apply. What we are experiencing instead is a variety of viable opportunities where advantages for both buyers and sellers are abundant.
- Sellers in today’s market are much more realistic about the market’s impact on their property values. Some who have taken their homes off the market have made improvements and have been proactive about repairs so their listing stands out amongst others in their price range. They also understand that: Home Condition + Recent Solds of Comparable Properties = Listing Price. For those staying put, they have also fortunately realized some restoration to their overall property value as a good number of the country’s market sectors have seen a resurgence.
- Bidding wars have made a comeback with multiple offers driving up the asking price of a good percentage of properties. Homes are on the market for shorter periods; many snapped up before droves of buyers even get to see them. An influx of cash buyers has also contributed to an increase in expeditious negotiations and quicker closing dates.
- Regarding short sales and bank-owed properties, I am always clear with my clients that they need to be prepared. Since these homes are often being sold due to financial hardship, their condition should be reviewed by a first-rate home inspector. Sometimes a buyer can “get a great deal” but you also often get what you pay for — short sales are no exception. While an option, there still remains a generous percentage of motivated sellers on the market whose homes are priced as well any short sale. Many have been optimally maintained and can potentially close in 30-45 days.
We are in the mixed-bag-phase of the industry’s recovery. Give me a call to discuss what opportunities await you.