Here’s what our market conditions look like as we transition into the fall season.
Depending on where you’re getting your real estate information from, you could be hearing two directly opposing arguments about the market: 1) the market is going bananas and sellers are making money hand-over-fist, and 2) that buyers can’t find any homes on the market, sellers are having a hard time selling, and that it’s hard to get qualified for loans.
The truth is that, for the first time in 21 years, we’ve actually had the best of both worlds. Ours is both a buyer’s and a seller’s market.
In a seller’s market, there are a lot of buyers and a little demand. But we also have low interest rates and a decent amount of homes, so it’s also a buyers market. Rates are currently below 3%, and inventory in select markets and prices is very low. Our marketplace is very detailed to the city and price point—no two cities are performing the same. Real estate is always local.
We have been fortunate enough in the last six months since the stay-at-home orders were put in place, to have sold 22 properties. I’ve found that because I never took my foot off the gas, so to speak, our business was still moving forward. Sellers needed to sell and buyers needed to buy, so we had to find ways to deliver our product in a completely innovative way.
With the innovation we created in terms of marketing our homes, we have been outperforming market value, and more importantly, outperforming the average Realtor who is putting a home up for sale. We’ve been selling properties anywhere from $10,000 to $75,000 over asking price. That’s huge!
Mind you, I’m not selling homes within just a day of putting them on the market. Any home that only sits on the market for a short while before it sells is a home that has had money left on the table.
Don’t let the aggressive urgency of selling the home quickly mislead you into thinking that you’ve received more money. If you’re on the market a little longer, you can use that to your advantage. Rates are so low that the right buyer will present themselves and make an offer you didn’t even anticipate.
The bottom line is that now is a great time for those who are thinking of buying or selling. If you’re planning to stay put, it’s also an opportune time to consider refinancing home to our sub-3% rates. They’re not going to stay like this forever; remember, this is an election year.
I would love the opportunity to help you or someone you know buy or sell real estate, or just to be your real estate resource. Reach out and give us a call! I look forward to hearing from you soon.