Surviving Today’s Real Estate Market
People who want to buy a house in these current times often experience having trouble finding the right house at a good price.For buyers in this market, it is difficult to find a home that meets their needs. There are more buyers than sellers, so it is a seller's market. Many homes receive multiple offers and sell quickly. Houses sometimes sell for over the asking price because of the competition among buyers.
Higher prices: Because there are more buyers than sellers and bidding wars on houses, homes in many areas are selling at higher prices.
Fewer homes available: When there are fewer choices of homes for sale, it is harder to find a good deal and you may have to compromise on what you want in order to get a house. Sellers also may not be willing to negotiate as much with you if there are other people who want the same house as you do.
If you're thinking about selling your home, this is a good time to put it on the market, because prices are high and there aren't many homes available to buy. Nationwide, there are still fewer homes on the market than normal, which means sellers are in a good position to get a good price for their homes.
Bidding wars occur when two or more parties are competing to buy a single property. When there is high demand for something and low supply, the price increases, and this is exactly what's happening in the real estate market right now.
When you decide to sell your home, make sure you carefully select your listing agent and that you have properly prepped your home.
When it comes to selling your home, the decision to work with a real estate agent is probably one of the best you can make. A good real estate agent will have done several transactions in the area, and will be familiar with its unique features. They'll also know how long homes typically stay on the market, what kind of offers are being made in other parts of town, and whether they're as good as they look. And when you do get an offer, a great agent will help you navigate negotiations and walk away with the best possible price. You’ll want an agent who's ready to handle all aspects of your sale—including paperwork—so that you don’t have to do anything except sign on the dotted line!
In this type of market, I do not advise my buyers to grossly overpay, but if they are looking to stay in house for at least 5 years, look more closely at what monthly expenses are going to be. If that number is affordable, then your decision is more easily made.