National Market Update May 2021
The real estate market is booming and I feel like I'm saying this all the time right now, so listen up. Historically there has never been a better time to sell your home.
That being said, statistics do not tell your story. So today, I'm going to give you a couple facts to show you what is really affecting this market.
My team and I have helped hundreds of people over the last 20 years sell homes throughout East Pierce County, and we've never seen the market quite like this.
For one, inventory is extremely limited. It is just bonkers, with only half a month of inventory right now, there just simply aren't enough homes for buyers who want to buy. Homes are sitting on the market for less than a week and sellers have the opportunity to be super selective and pick the cream of the crop for their offers.
If you're a buyer in this market, your goal is to get your offer accepted as quickly as possible. No one wants to be writing four or five, six or even more offers, because guess what? It's defeating, it's exhausting and it's just not fun for anyone.
So I'm going to give you a couple of tips to think about when crafting your offer. And sellers, I want you to think about how this would impact you.
The first thing I want you to think about, buyers, is what closing time frame is more convenient for the sellers? Do they need a little bit more time to move out of the house or maybe the house is vacant and they want you to move in right away. Or how about this, what contingency windows are you willing to shorten? For example, are you willing to shorten your inspection window from a default of ten days to a three day or maybe a one day? In some cases right now, sellers are choosing offers that have no inspection contingencies at all. Would you be willing to buy a home as is?
In this market right now, sellers are able to sell their homes as is, with no repairs or work needed.
What about costs that are typically customary for the seller to pay? Are you willing to pay for that? For example in Pierce County, it's customary for the seller to pay the seller's title insurance. Maybe that's a cost that you as a buyer could cover. Sellers, along with the items I just mentioned, there are several more points of negotiation throughout the process, so make sure you discuss those with your agent.
Make sure you are properly represented in this crazy sellers market, that is the most important thing.
I'm always here to help. If you have any questions, please don't hesitate to reach out and remember, whether you're buying a home or selling a home, it all starts with a dream. Let's dream together.