Are The Tides Changing To A Seller's Market?

The local real estate market seems to be picking up. Inventories are low, the weather has been unseasonably warm, and buyers are not just looking, but actually writing offers.  It may be too early to declare a seller's market, but it seems to be at least more balanced.  The busy market is causing buyers and agents alike to start changing the way in which they approach offers. 

SLOW MARKET = NO URGENCY

Over the past few years when things were slower, the buying and selling process often took a long time. Buyers were afraid of overpaying and sellers were unwilling to accept what the market was willing to bear for their home. Basically, there was gridlock and an overall lack of urgency on all parties to get anything done.

Buyers, until recently, had been in control. The general attitude of most was that a seller would be lucky to get an offer from them. Plus, if things didn't work out, they would just buy another home. Their level of commitment was suspect as well with some buyers preferring to just make a verbal offer instead of putting it in writing.

Negotiations also dragged out over days and sometimes even weeks.   Now,  a shift in the market has taken place and those not ready to adapt will end up losing out on the home of their dreams.

TAKE QUICK ACTION OR LOSE OUT

Today's increased activity is causing things to happen at a much faster pace than many are used to, including some agents. Anyone approaching the process in a lackadaisical manner will end up learning the hard way, when the home they want is taken by someone else.

We are not saying that buyers should make hasty decisions. We are simply recommending  that once you know what you want to do, do it quickly. Make an offer, work out the details, and get all parties to sign and date the documents as soon as possibly. This is even more critical if there is heated competition for a particular home.

NO SIGNATURE, NO DEAL

A last bit of advice. Understand that until all required paperwork is signed, dated, and/or initialed by all parties, there is no deal. 

In the end, you need to be prepared for today's changing market and having a great agent by your side will certainly make a difference.  Otherwise, the American dream could turn into a nightmare for you.