As Summer winds down, there are great opportunities for sellers and buyers !
The number of homes going on the market has increased weekly since July. There are fewer buyers shopping now than during the peak of the Spring market. However, those buyers are very motivated to make a purchase before the end of the year to take advantage of favorable interest rates. Buyers know that an offer must be strong to be successful; at the list price or above for most homes. The average time on the market remains very low as most new listings are quickly absorbed.
Sellers:
Despite the market-mania from Summer, I am recently observing more homes that are not immediately selling. Homeowners have a tendency to look at sales from the peak months, then add a few thousand extra and expect immediate results. Carefully calculating a real market value when determining price is very important. Even in a “seller’s market,” the market will be more balanced in a Fall market. Sellers need to price more realistically and buyers may have more opportunities to achieve their dream home at a fair price.
Buyers:
Buyers today are more educated about the market than at any time in history. A trusted and experienced Realtor is still valuable to avoid mistakes and close successfully. It’s possible with patience to make a great investment on a home that will meet most of your criteria even in a seller’s market. It’s so important to have all the information available to avoid overpaying and to make sure that all the details of the purchase are understood before you sign an agreement.
I love helping make dreams come true! Contact me for a free consultation!
Bob Day, 612-961-8882, bobday@results.net