Real Estate is a Process and best practices will guide you. This seemingly easy process can be very stressful if you don’t know what to expect. Each season and each year can be different. This is clearly evident if you consider the market in 2010 and the market now. In 2010 our economy and our housing market that drives our economy was in the dumps. Driven there by greedy Wall Street and the banking industry the real estate market was collapsing. Today is much different. The market has come back to it’s levels of before the crash and the inventory of houses to buy is not keeping pace with the people who want to buy houses.
Lack of inventory to buy coupled with lots of buyers creates incredible competition for the good properties. If you are a Seller and your house was priced correctly to draw in lots of potential buyers you can expect a spirited level of competition and bidding for the property. If you are overpriced, the market will leave you sitting even with low inventory. Today’s consumer has access to information about pricing, they will not overpay in most situations. This is especially true if the Seller is clueless to the need to respond to the market and make adjustments. The longer on the market, the more Buyers feel there is something wrong with the house.
If you are a Buyer and you have been in stiff competition for some properties that you did not win it is frustrating and can cause burnout. Right now as we move into the second stage of the Spring Market 2016 the craziness of the first phase is winding down. Those driven Buyers willing to overpay for a good property now have that property. Normal competition begins after these people are out of the market. Whew.
Whether you are buying or selling, or even both at the same time is is very important to remember Real Estate is a Process and best practices will guide you.