Buyers’ fatigue is real! If you are a buyer, you have spent days, weeks and months in this sellers’ market competing to own a home. You have spent thousands of dollars on building inspections, sewer inspections, and contractor bids. You have written and re-written letters to sellers on how much you love their home, how sincere you are, how much over the asking price you are willing to spend, waiving financing, and trying to be as creative as possible just to have a chance to win in this competitive market. It could not be more fatiguing. Well, hang in there. We think there’s a light at the end of the tunnel.
Recent statistics have supported that the current market is slightly turning. All real estate markets will eventually push to equilibrium, and rather than being a driving seller’s market, we are now starting to see things evening out. What does that look like? Well, the market still feels super-heated, but we are seeing some sellers only getting one offer after being on the market for one week, or maybe no offer at all, and other homes sitting on the market for a whopping three weeks! On average, in the 30 days prior to this writing, homes in our immediate area sold in 44 days for just about 100 percent of the listing price. In the 30 days prior to that, homes in the same area sold on average in 21 days for 103 percent of the list price. We are seeing the same trend in the condominium market.
What does this mean for buyers? Our market is evening out between buyers and sellers, and it is not the time to fold your tent and get out — It’s time for you to step it up. If you are a buyer or an investor, this is the time to prepare yourself.
- Reactivate your real estate broker. Let them know you are going to start looking at properties again. Update your search criteria again so your broker can start updating your search engines.
- Get your finances in order. Update your credit scores, make your money fluid so it is easy to access, and engage a lender to start your application process.
- Get excited again! Start searching for homes and follow ones you like. Don’t be afraid of an “offer review date” because more and more there is only one offer or none. Educate yourself on this changing trend.
- Don’t forget to relook at homes or condos that have been on the market for a while. Often times, you may be able to get a great deal and get a home for under the list price!