One of the questions I am most frequently askeds by neighbors, friends, and family memebers is: "How's the market?" In today's world you'd have to be living under a rock to not at least
How Competitive is the Real Estate Market in 2022 ?
Dated: March 14 2022
One of the questions I am most frequently askeds by neighbors, friends, and family memebers is: "How's the market?"
In today's world you'd have to be living under a rock to not at least have some idea that the real estate market is HOT. . . Like Fire! (In the voice of Chris Tucker from The Fifth Element).
(In Unison): "But how hot is it, Shayne?"
Well real world examples can best explain the current situation. As an example I'll use one of the most recent offers I've written.
This is a cash buyer, trying to find a home to live in that they can also make improvments to, and add value to the home. We found an excellent candiate, and went to view the property. . . All within 90 minutes of the property being posted on the MLS.
Knowing we musnt waste any time, we promptly drew up an submitted on offer that was roughly 10% above the asking price, with a short inspection period, a quick closing, and ZERO concessions beyond the inspection period.
When the dust settled, and we were able to get a response from the listing agent, it wasn't the news we had hoped for. While we were one of the better offers, we were still not the best one.
In total there were 36 offers on this property within 48 hours of being for sale!! 16 of which were Cash. . .Of those, 6 (including ours) were above list price! You have to be agressive to land an offer in this market.
What is actually the most shocking part of this scenario is that 30 people made offers at, or below the list price of the property. In most cases, in this market, that is a guarantted receipe for rejection.
So if you're out there trying to buy, hang in there! Listen to your agent, and most importantly go in with as strong of an offer as you can!
I still remember when my family sold our first home. Even as a child I remember watching my parents meet with the Realtor and thinking what an interesting job that must be. The experience stayed with ....
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