Are You Kidding? It’s Gone Already?

HOME Sales Continue to Be Brisk!!! 

Talk about Supply and Demand:  With the LOW inventory of homes available on the market, and the % rates creeping up, there’s a real urgency for buyer’s to find their dream home A LOT quicker.  A chance to secure what once was called the “American Dream” may not be so easy to obtain nowadays. Many buyers are losing out on their dream homes due to bidding wars.

When I call to show another Realtors® listing I hear,

“We have a lot of showings scheduled - show it as soon as you can!”

OR,

“We have an accepted offer, with 3 back-ups!”

This is so CRAZY!  What a turnaround from the depressed market we experienced previously not so long ago!

We are definitely in a seller’s market -

Homeowners are getting close their asking prices, AND some are even getting offers over their asking prices because of the high demand!

I've seen busy first open houses before, but this is just overwhelmingly chaotic - so much so, that you can't find a place to park on the street....Are they giving away free stuff at the door or something???

And who are these buyers...many of them are “Millennials,” or, Generation Y, or sometimes called Echo Boomers, (due to the significant increase in birth rates during the 1980’s and into the 1990’s). These Millennials (mostly ages 18-35) are mostly the children of Baby Boomers or Gen-Xers.  It’s wonderful that so many young, first-time home buyers are coming out in droves.  It’s time to get out of their parents basement, or the rental, and pay the same $ towards a mortgage payment instead. They can't afford NOT TO buy.

Also, Asian buyers are one of the fastest growing and wealthiest in the country today (many being cash buyers). However, there are those that still need to apply for a mortgage and the turnaround times have been a lot quicker, too. There is a growing optimism among lenders that lending standards will ease up even more.  While the bank appraisers are being challenged during this frenzy - the key is to have the home priced right and with the inventory shortage the appraisers definitely understand!

CNBC reports:  http://www.cnbc.com/id/100787889#_Gus

By chance, if you have a home on the market for over 60 days, likely it’s not priced right, because there ARE buyers out there!  So, it’s time to sit down and discuss with your Realtor® your priorities and needs again….and remember, what determines your home’s market value is what someone is WILLING to pay for it, especially if you keep hearing the same similar “bids” over and over again...

If you're not hearing ANY bids your home may have some:

1.  Marketing issues,

2.  Evident issues of the home itself (staging can be a big help, too). I know this first-hand because one of my sellers tried to sell his home for 3 months on his own, I took the listing, priced it competitively, staged it, and it sold it in one weekend),

3.  You're just not motivated enough to move,

     And last but NOT least, the most common reason,

4.  It is too overpriced, and buyers may not want to insult you.

If you're contemplating putting your home on the market, don't contemplate anymore!  JUST do it, but be prepared, and talk to your real estate agent today to get the full exposure you need to tap into EVERY possible buyer out there to get the quickest and BEST offer you deserve!!!

Best of LUCK!