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2018-02-01 11:28:50
Bidding Wars Abound. YOU CAN WIN THE WAR

If you are buying we enter 2018 with the ratio of Inventory vs. demand out of balance as it was in Q4 of 2017.  The offers I have written this year have been multiple offer situations.  What can you do to win?

*Be Qualified and ready to close quickly.  This depends on you and your lender (select your lender wisely)

*Make your best offer based on the facts not emotions.  Make the offer that if you were to lose the battle or bid you could walk away happy you did not pay more.

*Eliminate any contingency you can i.e. Appraisal, Financing, and Inspection.

*Ask your agent all of your questions and listen to the answers...Your advisor group (parents, friends, siblings, unless they have purchased a home in the past 6 months may be out of touch.

*Have your agent go through the process with you and provide you with a blueprint for home buying.  Eliminate the unexpected or surprises of the home buying process.

 

I would meet with you to talk about your real estate goals and show you how we can achieve them together.

Be 801-205-1888

Bidding Wars Abound… How Long Will They Continue? | MyKCM

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.

 
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