What's the 'Buyer' Real Estate Market Like Right Now?
by Matt Hermes
on Friday, June 5th, 2020 at 11:31am.
This week during our HRG team meeting, we were discussing what the real estate market looks like right now for our current buyers. After a slower spring market due to the pandemic, we saw an increase in the number of buyers who were ready to take advantage of the close to 3% mortgage rates to purchase a home.
However, while many sellers decided that now was the right time to sell, others have continued to wait - essentially creating a seller's market, making it more difficult for buyers to take their time to find their next home.
What does a seller's market look like?
What we're seeing is less homes on the market creating a 'sense of urgency' with our buyers. Gone are the days of having time to 'sleep on it' ... buyers are now being forced to make decisions rather quickly to avoid losing out on that home and/or a multiple offer situation. We have worked with clients who wished they would've 'pulled the trigger' and lost their opportunity because they decided to wait.
How can we help?
We will set you up on a custom home search portal so you're notified FIRST, as soon as a home comes on the market that fits your criteria. We will tour the home as soon as we're able, if you think you MAY be interested in putting in an offer, we will discuss what a competitive offer should look like, to avoid a seller choosing a potential better offer.
The great news for buyers...
...is that you're not 'locked in' to an agreement once you make your initial offer. You've got some time to make a more informed decision throughout the Due Diligence period. If you decide to change your mind about purchasing a particular home, you're protected throughout this time, should you choose to back out.
Basically, you don't want to miss out on the opportunity to buy a home by:
A. Not committing soon enough & taking time to 'sleep on it'
B. Not presenting a competitive offer
Don't wait to buy, you're protected and we're here to help you throughout the entire process!