The Dizzy Real Estate Market

Posted by Richard on June 21, 2023

If you are watching the real estate market lately and trying to decide whether to buy or sell, you may feel a little dizzy. Sales are up. Then down. The housing bubble has popped — wait, no it hasn’t. Mortgage rates are up and then they drop. Some say rates are poised to drop a lot. Some say otherwise.

What’s a buyer or seller to think?

For home sellers, the current market offers some attractive opportunities. With housing inventory remaining low in many areas, home sellers may be able to take advantage of high demand and limited supply to command top dollar for their properties. However, home sellers must also contend with some challenges in this market. With higher prices and mortgage rates, some buyers may be priced out of certain neighborhoods or markets, which could limit the pool of potential buyers.

For home buyers, the current market presents both opportunities and challenges. On one hand, since the market slowed earlier in the year, some sellers are willing to make concessions or offer incentives to close a sale quickly. However, home buyers may still find it difficult to find a home that meets their needs and budget.

To navigate this dynamic landscape, it is essential to work with a knowledgeable and experienced real estate agent who can help you make informed decisions and maximize your chances of success. Whether you are looking to buy or sell a home, the right agent can make all the difference in achieving your real estate goals.

If you want yours to be the best-looking offer on the list, here are eight ideas to dress it up.

1. Make the right money offer. The best offer is, first and foremost, the right money offer.
Your agent will compare sales prices and values of similar homes in the area to help you come up with a starting point.
2. Money talks — pay cash if you can.
Sellers love cash deals because they are less likely to fall through.
3. Make your offer clean and easy. Give the sellers a chance to get their price (or as close to it as you can manage) with little effort. Resist asking for improvements that cost the seller money and time.
4. Sweeten the deal by offering to cover closing costs.
5. Give the sellers their choice of closing dates. If you want the property, stay flexible.
6. Offer to let the seller choose a move-in day, if you can.
7. Show you are a serious buyer with earnest money. If you have to back out of the offer for any reason allowed by the contract or state law, you will get your money back.
8. Share the love! If you love the house and can see your family in every nook and cranny, share that with the sellers in a letter.
Remember that selling a house is an emotional thing. Even when people want to sell, they still have a lot of love, memories, and dreams left in their home and their neighborhood. You might tell them which specific features of the home will be ideal for your family.
Sharing the love is not just a good idea in competitive situations. If the sellers love your family and want to see you in the house, they might just be able to wait until you get a buyer for your current home and iron out other details that can delay a deal.