I’m sure you hear this all the time. People always seem to be saying that the “real estate market is strong”. Or “now is the best time to buy or sell”. Well, I can confirm that the market is very strong right now.
I have been in competition with three different buyer clients on three different properties since the beginning of the year. Home sellers are currently in a great position. There are a low number of listings compared to actively looking buyers. Listings are getting a lot of traffic which leads to lots of interest and, often times, numerous offers. When a house receives multiple offers it is referred to as competition. When you are in ‘competition’ one piece of advice is to go in with your best foot forward. Pick the price that you are comfortable with and will hopefully have no regrets whether it works out or not.
It is also important to remember not to lose control when in competition. You want to pick a price you are comfortable with but it is not recommended to remove conditions. It is always recommended to have a qualified home inspector perform a full inspection of any property you are looking to purchase to protect yourself. If you remove this condition you have no way out if there are any problems with the property. The removal of a home inspection could cost you thousands depending on the situation. Conditions are put in place to protect you, as the buyer, and it is strongly recommended to always include them.
With all this talk of sellers, buyers can also be successful in this market. The key is to frequently check new listings and if you find a house you like, you need to move quickly. If you can get in before any others you can avoid competition altogether.
Interest rates also remain low which is a benefit for buyers. With house prices continuing to rise and interest rates remaining low, making a move now could save you money in the long run.
Give me a call today to talk about your options!