In today’s market, inventory is still low while demand remains high. This leads to fierce competition among buyers, who should not expect to negotiate a lower sale price like they could in a normal housing market. Currently, sellers receive an average of 3.8 offers and their homes sell in about 17 days.
The deputy chief economist at CoreLogic, Selma Hepp, says, “The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months. Now, almost six in ten homes listed are selling over the asking price.”
For buyers, this means that offering below or even at a home’s list price may not be enough to obtain your dream house. Unfortunately, in today’s market, many times the highest bidder is the one who wins the home. If you really love a property, it may behoove you to craft an offer that is designed to beat out your competitors.
If you are in the midst of trying to buy a home in the current real estate landscape, contact Gary, a seasoned professional, who can guide you through the nuances of this seller’s market.
Source: Keeping Current Matters