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What Should You Expect in This Market?

Part of being in the market these days is about expecting the unexpected.

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These days, you need to expect the unexpected in the real estate market. These are a few examples of things to anticipate that you may not have been expecting.

“Homes are selling as much as 10% over asking price.”

The first thing you should anticipate when making an offer is that others will be making offers on that same home. So you need to make your best offer the first time. Also, expect offers to be above asking price. A year ago at this time, you could offer much less than the asking price; houses were selling at 92% of the asking price. Today, homes are selling as much as 10% over asking price.

In this current market, anticipate less assistance from sellers. Since sellers are receiving multiple offers, they feel you must put the best money forward that you can, and they don’t have to put up any because they’ll find a buyer who isn’t asking that of them. Next, expect shorter closings because sellers want to close as soon as possible and are less likely to give you extensions. Part of dealing with the unexpected is having a great real estate agent that will help you get the house you want.

If you have questions about our current market or real estate in general, please call or email me. I would be happy to help you.

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