The housing market is hot, hot, hot!
We are in the heat of the summer months and the real estate market is as hot as the temperature has been.
Buyers and their agents have mastered getting offer document packages ready and e-signed faster than ever because everyone gets better with practice.
Yes, writing and submitting offers on one house – one and done – is extremely rare in this market.
Buyers are taking a beating, submitting offer after offer only to find out that after many sleepless nights, the great offer they thought would “win” didn’t.
It’s not uncommon to be competing against many other buyers for the same house and losing to another buyer who decided to forgo doing home inspections or who didn’t need a mortgage or someone willing to pay much more than asking price.
It can be emotionally draining.
What’s causing the “competitive market” is basic supply and demand, mortgage interest rates at all-time lows mixed with COVID-19.
The supply of houses is low.
The demand for houses is more than the supply.
Interest rates are low, giving buyers more purchase power.
COVID-19 caused a temporary stoppage of real estate transactions and a delay in the normal activity of a “Spring Market,” changed the way people work and how kids are schooled (telecommuting and online learning is now very common), affected the financial status of many (causing some not to sell as planned) and, after quarantining for months, made some people realize their current home was no longer big enough or was too big, adding to the buyer pool.
New construction has decreased.
The ripple effects of the pandemic are still being felt and some consumers are staying put, taking advantage of the low interest rates and the unexpected equity in their home and focusing on remodeling instead of moving.
Before you step up to the plate and enter the buying market, contact a REALTOR® and get representation from a Buyer Agent.
The seller pays commissions, so there’s nothing to pay up-front and lots to gain from being represented.
You’ll get access to listings not yet available to the public and you can make showing appointments for when the home first goes on market.
Know what it takes to compete and be prepared to win.
Contact me and I’ll coach you every step of the way so you too can jump for joy, going under contract on your dream home!
Contact Mary Camp, REALTOR®, GoHOMEwithMary.com, 215-882-1064, RE/MAX Properties, Ltd., Newtown.
PHOTO CAP: Clients jump for joy after going under contract on their dream home.