A new report released this week on housing inventory can be found on our blog at www.WestSavageBlog.com
We wanted to write a quick blog post highlighting the big trends we are seeing this very busy spring. The biggest one has been something the market has lacked for some time: Buyer Urgency. It is incredibly refreshing to see. It's a busy time, and a fabulous time to get your house on the market if you are thinking about selling. Here is why:
1. Multiple offers are occuring in frequency. Homes that are new to the market and well-priced are receiving many showings. Homes that are very competitively priced, and we are not just referring to foreclosures, are receiving multiple offers and selling in a matter of days, and even hours. Stong showing activity is essential to an offer, and it IS happening.
2. Onesie-Twosie showings are becoming more common. Due to the number of multiple offers occuring, it is becoming necessary for buyers to get out and view homes immediately once they hit the market. Failure to do so could result in the house being gone in a matter of hours. So rather than schedule a day-long house hunt, showings lately tend to be more one-two as they hit the market. The lower the pricepoint the higher the frequency of this occuring. While this is not as frequent in mid-to-higher brackets, the result is going to trickle up.
3. We are seeing (and competing against) buyers who are waiving inspections as a part of the purchase agreement in order to make their offers more attractive to sellers. We have seen at least 3 such scenarios in the past couple weeks. There is no doubt this approach is always a risk to the buyer, and not necessarily one we'd advise. But it's happening.
4. Homes priced at $150K and under in relatively good condition, and/or HUD Homes or homes priced in the $100K-$125K range regardless of condition are experiencing fierce competition among buyers. We are seeing cases of 10-15 offers on properties in these ranges. Buyers need to act immediately and competitively to get the house. And even then, they might need to write 10-15 offers before they get a house.
If you have been on the fence about selling, consider getting your home on the market. Not only is buyer activity strong, but you'll get a great interest rate on your next home moving forward (Rates today are posting at 3.875 for a 30-year fixed and 3.12% for a 15-year fixed.) Now is the time. We'd love to meet with you to discuss the market and your home. Call us for a confidential market analysis at 952-212-3597 ([email protected]) or 952-215-5012 ([email protected])
Chad & Sara Huebener - REALTORS - Edina Realty - Savage/Prior Lake Office
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