I am wondering if you could give an update on how the spring market is looking so far?
The spring market is off to an incredibly strong start, from a seller’s perspective, IF a home is listed under $1million. New introductions are selling, often with multiple bids, and sometimes in less than 24 hours. Homes that have been on the market for many months are also selling, and even they sometimes have more than one offer! It is exactly what we all expected – a vibrant market, and its only early March!
Buyers are understandably frustrated! While houses are coming on the market, the lines of buyers in the more affordable price ranges would look like the black Friday lines at Best Buy when they are selling TVs for $100! New introductions are selling fast and for more than a simple analysis of the comps would suggest is a market price. But if you have been waiting for 6-12 months, this may be your best chance at a home that could work for you, so you may have to pay more to beat out other buyers and get in the door!
How do you win in a market like this? Buyers, you MUST be pre-approved for your financing. You need to know exactly what you can afford and be able to prove that, in writing, to the sellers you are trying to convince to pick you. Yes, there is some up-front work involved, but this is what it takes to win in today’s market! You should also have chosen and signed on with a buyer’s agent – waiting for homes to hit Zillow or to have an open house is not an effective way to win in a hot market. You need a full-time agent dedicated to getting you home options as soon as they are available. If you really want to win, you also need to spend some time assessing the compromises you are willing to make – 20 years in this business and I can state with confidence that the perfect home is just not out there!
Sellers, we have a huge inventory shortage that has been going on for two market cycles but this is not reflective of the norm in Western PA. The tables will turn at some point back to a buyer’s market. If a move is on your radar screen, now would be the absolute best time to call me to develop a strategy to get your home on the market and give you the best return on its sale!
REAL ESTATE SERVICES
401 Broad Street
Sewickley, PA 15143
Office: 412-741-2200 x238