Today I’m answering a few common questions about this seller’s market.
Looking to buy a home? Click here to search for homes.
Looking to sell a home? Click here for a home evaluation.
I’m talking with with Annie, one of our team’s buyer’s agents, who is here to ask some questions about what the listing side of real estate looks like in today’s market.
How is the market looking right now?
We’re still very short on inventory. Interest rates have risen by a couple of points over the last four months; as a result, there are now fewer multiple-offer situations.
How long will it take to sell a home?
If you listed your home tomorrow and lived close to the corridor, you could feasibly go under contract in a day or two. Most of the time, however, we set a date by which all the buyers have to submit their highest and best offers. That gives all of them an opportunity to bid, and it allows the seller to choose the very best offer in terms of price and conditions.
What it says on the net sheet is usually what you’re going to get.
Should homeowners sell now or wait for the market to change?
The market is currently high; if you sell high and buy high, you’re no worse off than if you waited for the market to level out a little. However, that does mean you’ll sell lower and buy lower. As long as you put the money from your home sale into the purchase of your next house, you should be just fine.
I would recommend acting sooner rather than later, and the main reason is that interest rates are on the rise. Even if you transfer all your equity from your first home, rates will be higher in the future, meaning that you’ll still have a higher monthly payment for no reason.
What should sellers look for in offers?
If we’re in a multiple-offer situation, we’ll pick an offer based on which one has the most appraisal gap coverage, the largest non-refundable deposit, and a reasonable cap on repair requests.
Hopefully this conversation has answered a few of your questions about today’s market. If you would like to know more or you’re thinking about selling your home, don’t hesitate to give us a call or send us an email. We’d love to hear from you.