The market is hot! Buyers are in bidding wars and losing out on properties. Sellers are pricing very high and it’s still going over ask. Everyone is stressed and it feels nuts, but then all of a sudden everything changes. Days on market seem to get...
The market is hot! Buyers are in bidding wars and losing out on properties. Sellers are pricing very high and it’s still going over ask. Everyone is stressed and it feels nuts, but then all of a sudden everything changes. Days on market seem to get longer. We see fewer bidding wars going on and no more lines at open houses. Properties are still moving but not as fast. Suddenly you realize your dream of owning is going to happen but now what do you do? There is nothing harder for a buyer or seller to realize and adapt to than a market that is in the process of changing, so now they need to change but how do you bid on properties in a changing market? That’s what we are discussing today.
The one constant is that the market is constantly changing and sometimes you are the buyer or seller who happens to be transacted during the change. You have to realize and accept the market that you’re in and then act accordingly. Typically we brokers know what’s happening because we are in touch with other brokers and see all the signs of a changing market first. If you are a seller in a changing market that can mean a price drop and for a buyer that can mean not lowballing with your offer, but seeing the value of the property to you and in relation to the current market and if there have been price changes on it or not.
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