Market Update

Market is still hot! Not quite as hot as a couple months ago, but still quite active.

Most Homes are selling within days.

Homes are getting many viewings and sellers are usually getting offers over list price.

Remember,  "List Price," is what the comparables (similar homes that sold) show.

Buyers who qualify for over the homes List Price, are offering over list price to increase their chances of the sellers accepting their contract. We warn the sellers that the property sales price may not be acceptable to the appraiser. Most Sellers are willing to take the chance.

We have a system that we use, that has helped us convince the appraiser that the home is worth what the buyer is willing to pay.  It's not 100% effective, but it is effective.

You may ask, why not just price the home $20,000 over what the comparables indicate?

If we did this, the number of showings would fall greatly. We have seen this in listings where the seller did just that. Showings were way down, the home sat longer on the market and the buyers noticed this. This actually created a situation where buyers were offering below List Price.

By pricing the home at market value, it creates a competition among buyers. This is what starts the bidding war!