Yes, I do hear that on occasion from a buyer- and I can certainly “feel their pain” to some degree. Here are three considerations a Buyer must take into account in the current, low inventory, seller’s market we are in.
1. Number of Homes for sale. This is the core of what is making this a “seller’s market.” You basically have a pool of buyers competing for less than desirable number of homes- in some places less than half a month supply- and that should be 5-6 months! High demand, low supply…prices go UP.
2. Quick Response Needed. This is NOT the kind of market where you can see a home you like and then think, “I’m going to sleep on it…” That home could likely be sold 4-10 times over during your sleep. You wake up and the decision has been made for you- sweet dreams!
3. List Price=Starting Price. Think “auction” for generally well-kept homes. Do NOT think the list price is the market price, more often than not for “starter” homes in generally good condition that list price is the starting point. The price will go up from there depending on the number of offers and time on market etc.
Some may say, “Well then, I will wait till the market is more favorable for buyers.” That’s certainly an option and no crystal ball here but I do not see this market shifting towards the buyer side anytime soon. A low supply market will not likely correct itself overnight- even if that’s several months. If you wish to purchase now- then let’s GO! Prices are not going to go down, interest rates may go up, if you are desiring or needing to purchase a home then NOW is the time!
And don’t forget to ask me about the Keller Williams “Zero plus” loan which could save you thousands in closing costs!
Please let me know how I can serve you.