Multiple Offer Season is in Full Swing
It seems to make no sense under the current circumstances, but the real estate market is hot. Inventory is down as owners have refrained from putting their homes on the market. The government, in efforts to keep the economy going, has sent out stimulus money and lowered interest rates to as low as 3% fixed rates for a 30 year loan, thus driving up demand.
Prices are up nearly 5% over a year ago, primarily due to the buying power generated from sub 4% interest rates. Bidding wars are back, and in many cases, good homes under $500,000 are seeing 5 to 15 offers in the first weekend.
For sellers, remarkably, right now is an excellent time to sell. As for next year, well, who could have predicted this year? All traditional economic metrics would suggest we will have a softening of the economy.
For buyers, if you want to buy, then connect with your agent, get fully pre-approved, see everything the day it hits the market, including those homes that don’t interest you. Seeing homes instills confidence, especially when you have seen the product firsthand, know how many offers it received, and then know the final sales price. To buy today requires the confidence to step up and you only get that confidence by seeing homes with your agent.
Staying informed and educated with today’s dynamic marketplace is crucial in our representation of our customers. At ELEETE Real Estate, our weekly sales meeting and trainings provide us with an ongoing platform to collectively share micro market insights and new strategic techniques to best represent our clients. We look forward to putting them to work for you.