New Year, New Home?
As a real estate agent, I’ve been lucky the last couple of years with the conditions of the market. We are seeing historically low interest rates making it easy for people to buy homes and we are also experiencing over all economic confidence which helps keep home prices healthy. People are always asking if it’s a buyer’s market or a seller’s market. These are the answers you would typically get if you were to ask an agent that question no matter what the market: if you’re a buyer, it’s a buyer’s market; if you’re a seller, it’s a seller’s market. It’s because agents want to sell houses in any kind of market, plain and simple.
I’m going to be as honest as I can- it’s how I choose to run my business. I’ve been successful because I operate on trust and genuinely care about my clients- ask anyone I’ve worked with in the past (or check out my Zillow reviews). It's how I build lasting relationships. My business is about longevity. I don’t want you to buy and sell one house with me- I want you to buy and sell all of your houses with me. Your starter home, your dream home, your vacation home, and your retirement home.
So let’s talk about today’s market- January 2020 in the harsh light of honesty (and my opinion of course). If I were to lean one way or the other, I would say it’s a seller’s market. But let’s be clear- you’re not going to get tens of thousands of dollars above market value. If you price your house right, you’re going to get fair market value but the key point is you will get it quickly. There isn’t a ton of inventory yet (most sellers are waiting until springtime) so you don’t have a lot of competition. And if someone is shopping right now, it means they want or need to buy right now. They aren’t waiting for beautiful spring shopping weather and they aren’t waiting for school to be out. So take advantage of eager shoppers and low inventory while you can.
My advice to buyers in January- be realistic. Unless a house has been on the market since September, low ball offers would only work in rare circumstance. So put your best foot forward and always consider all aspects of your offer. Strong financing and quick closes go a long way in setting your offer apart from the rest. If you follow that train of thought, you can still get a fair deal without overpaying.
One caveat to this advice: I am talking in terms of the traditional home market and the traditional shopper. This does not apply to investors, foreclosures, short sales, etc. That’s a topic for another blog post…