Yes, being a buyer in a seller's market is tough - learn how to be the best buyer you can be to get the home you want!It hasn't been like this in years, but 2020 real estate has become a seller's
Should I sell now, or wait until Spring?
Dated: October 24 2020
There are still plenty of buyers out there and low inventory - if you want to sell, its not a bad time. But make sure you're ready to move!
Every year, around this time, people start wondering if they should sell now, or hold off until after the new year. Well, in any other recent year we'd be telling you that you'd likely have a better market in Spring. But this isn't any other year. Its 2020, and if this year has taught us anything - its that we don't know what the future holds, and the real estate market is hot. And weird.
Typically we see a pretty dramatic slowdown in real estate as we go into November, and yes - things have calmed a bit from even a month ago, but there are still LOTS of buyers out there and LOW inventory. So we are still seeing houses - priced appropriately - moving fast in many cases.
Which means, if you are going to put your house on the market, you should have plan of what you will do if it sells quickly. Do you already have another home? Are you planning to move out of the area, and have you researched that market? Are you up for renting for a while if need be?
Of course, hearing this a lot of sellers will think- then great, I'll price WAY over market, if I get a buyer, then fantastic, if I need to wait it out, then no problem. But it IS a problem - for two reasons. First, market time is a seller's enemy - even MORESO in a seller's market - because buyers think "wow, this house has been on the market a while! Must be something wrong with it, or its way overpriced." And so it sits, or invites lowball offers. Second, the house in almost every case must still appraise. Loans require an appraisal, and appraisers must use comps close to the home, similar to the home, that have sold in the last 6 months. We've been able to beat those in most cases - by a bit. But an appraiser can't justify huge leaps over comps, even in a seller's market.
One thing is CERTAIN though - NOW is the time to have us in to do a walkthrough of your home. We can talk about comps, the market, and most importantly steps you can take to make your house show its best when you are ready. Even if you're thinking Spring- the winter is agreat time to get the to-do list done! We can help by providing referrals to excellent local contractors too.
Call us today at 708-251-1500 or email at email@example.com to schedule a no-obligation consultation!