The real estate market has finally started to normalize itself compared to the last few months when COVID-19 broke out. Here’s a look at where we currently stand in the market:
In April, we had 14,000 active residential listings in our MLS, with 10,000 pendings. As of June, these statistics were nearly reversed— we have about 10,000 active properties and 14,000 pendings.
Working with many buyers myself, I’m experiencing a high amount of competition for anything priced at or below $400,000. That’s why it’s so important to have a professional representing you if you’re purchasing a home. A good buyer’s agent in this market will have an established, positive relationship with the seller’s agent. You’ll need a top negotiator to help your offer stand out among the other competing buyers so that the seller will choose yours. In this climate, your offer should have as few contingencies and concessions as possible.
One thing you can do to get the edge on your competition is to write a personal letter to the seller explaining why it is you love their home so much and how much it would mean to you to live in it. This will add some emotional appeal that could mean the difference between the seller choosing your offer over another’s.
If you’re selling a home, you’ll also want professional representation; you’ll need an agent who knows how to deal with multiple offers and negotiate in your favor. The great news is that now is an awesome time to get top dollar for your property. If you plan to buy another home after you sell, I recommend that you buy that home first—inventory is extremely low, and you don’t want to end up selling your house without a replacement already under contract!
The bottom line: Professional representation is absolutely critical in today’s market. So if you’re thinking about buying or selling a home, please reach out to me with a phone call, text, or email. I’d be happy to schedule you a free consultation.