It’s a Seller’s Market!
Are you looking to sell your home? You’re in luck, because the current market is a seller’s market! In some cases, homes are going under contract in a week or less, so if you’re looking to sell your home quickly, now is the time to do so. Attached are graphs to help you understand today’s market compared to last years.
Being a buyer in a seller’s market can be tricky, but still very exciting! Here are some tips to help you come out on top when it’s this competitive!
1. Always work with a professional. The realtor you choose needs to be professional, dedicated, and able to act fast. The housing market is always changing, day to day, even hour to hour. Licensed and professional realty companies know the ins and outs of the real estate market and can help make sure you don’t miss out on an opportunity.
2. Finances are key. Do the math and make sure that before you buy or sell a home, that you have some money set aside for closing costs or any other unexpected costs. If you are buying a home and using a lender, remember that the process for loan approval can take several weeks. Before you set out to buy a home, calculate your finances. If you’re selling your home make sure you talk to your realtor, they can help you get the best selling price.
3. Act quickly! In today’s market, a house can be on the market less than a day and already have several offers. If your realtor contacts you about a home that you’re interested in buying, be flexible enough to hop in your car and go see that house right then and there! Perhaps you’re selling your home…if your realtor calls with an offer or several, be ready to discuss the offer you want to choose. In a seller’s market, you may receive several counter offers or even offers for more than the asking price of your home.
4. Compromise is key! In the market today, the ability to compromise if you’re a buyer is crucial. With inventory of homes being so low, you may want to consider putting an offer on that second or third choice home. You can always change things about the home, but you may not be able to buy it later. Always have several homes in mind to choose from, it helps to narrow the search.
5. Multiple offers are likely. In today’s market, you may need to make your offer instantly and it’s very probable that you will be competing with others who want the home just as bad as you do. Chances are, if you wait to make an offer you could lose the home you want to someone else who was more aggressive.
6. Think outside of the box. If you can’t go above a certain price when making an offer, think about offering the seller due diligence money, paying the closing costs, or closing quickly on the home. Your realtor will help guide you in what’s best to approach this issue.
Are you living in or thinking of moving to the Brunswick County area of North Carolina? ASAP Realty can help you buy or sell your home with their professional team of realtors. Visit https://asaprealtyofthecarolinas.com/ to learn more!