State of Our Local Real Estate
To be sure, the housing market is once again coming alive. Real estate agents are seeing 80-100 visitors at some open houses, multiple offers are no longer exception, but the rule in many communities, and buyers are showing a sense of urgency perhaps out of concern that record low interest rates could be heading higher before long. Some recent comments from our local managers:
- “Stale listings are selling, there are sales in one day, 17 offers on a fixer-upper, most probates are being overbid, heavy open traffic, frustrated buyers, off-market pre-emptive sales, cash deals winning the bidding. Great time to list!”
- “A condo that was listed 12 months ago and did not sell came back on the market with a five percent higher listed price and sold within a week at over asking price.”
- “New listings are flying off the market with double digit multiple offers, which are making final prices over asking. Inventory is still low. We are also seeing cash buyers more frequently. Buyers are ready to go.”
- “Our office had a high-end property listed on the MLS last year for 90 days that did not sell. The seller re-listed it this year and received multiple offers and it will close escrow over list price. What a difference a year makes!”
Sellers need to sense the same pent up demand, excitement and urgency in the market that buyers have sensed for the past year. They need to take the long postponed leap to list their homes for sale now.
Simply put, there just aren’t enough homes on the market to meet the tremendous demand from buyers. And this is true in all price segments, from small starter homes and condos right up to multi-million-dollar Previews properties.