Everyone is wondering about the buyer situation, as we notice the market twisting and turning. So, are things getting better for buyers?
Although our local stats will not reveal the real "feel" of the market as we see prices still rising and inventory still at an all time low, yes, things are getting better for buyers. Active buyers, that is. You see, the rising prices and interest rates have edged many of our buyers out of the market, leaving fewer buyers for each listing. Rather than 20 offers on a particular listing, we may see 3-5 offers and sometimes only 1 offer! It’s true!
We recently wrote an offer for a client and we were the only offer and secured the property at the list price. Granted, this listing had previously been overpriced for the shifting market, and yet, because we were willing to be patient and wise about our approach, we got it with no hassle-and both buyer and seller are elated!
Buyer opportunity dynamics are in constant flux, but the bottom line remains: buyers have a great opportunity to buy with less stress this year than last. Sure, interest rates have creeped up, but they are still historically low. None of us thought we’d ever see 5% when I entered the market in 2002, and we have seen much lower than that! Interest rates are always in flux, so when there is an opportunity in our market, and you are looking to move… take it! Call to discuss. We are always happy to help!
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