Hi there, everyone.
If you’ve been out house hunting this spring, I don’t need to tell you how fast some of these homes are flying off the market. In some cases, we are talking hours instead of days and its not unusual for listing agents to have 3 offers to present to the sellers.
So the sellers, as my grandmother used to say, are in “high cotton”. Days on the market are nice and low and the median sale prices are increasing due to the lack of inventory and these multiple offers don’t hurt one bit.
If you are a buyer, don’t despair in this market. There are some things you can do to help yourself out.
- Get that preapproval letter — It is very important that you take this step and get your lender all the documentation they require. In this market, its doubtful that your offer will be considered if you don’t have this letter to go along with your offer.
- Get a buyer’s agent lined up — Your agent will be able to share with you how brisk the sales are in the area you are looking in. They will be able to preview properties for you that you might not be able to get to until evenings or weekends. They will also be able to put together an offer that might be appealing to the seller based on that seller’s specific needs (ex. Longer time in escrow if seller needs more time to move).
- Be flexible about showings– If you are a serious buyer (needing to be in a home by a specific date), this market will require you to look at houses at lunch breaks, after work, etc. A well priced listing in good condition that becomes active on Tuesday may very well be under contract by Friday. Your ability to be responsive will make a big difference.
If you have any questions or need more info on a specific area in our market, please don’t hesitate to reach out. We’d be happy to help.
Terry Jackson — Realtor at Domicile One Realty
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