Buyers Caught Off Guard by Market

Good Afternoon,

If you have read most of the press surrounding the real estate market over the past couple of years all you will hear about due to the levels of inventory available it is a buyers market.

The reality is that many home buyers are finding out is that is not always the case.  I have been a party to several offers within the past month that were not only multiple offers....but were multiple offers over asking.  In fact in one case we offered 30% over asking and still were outbid! Now that was an extreme case for sure and in my opinion never should have been listed where it was(unless of course it was done to get the multiple bids that it got!!!).  But this is happening all over the place. 

The fact is that even though there are a lot of homes available, many of them are in pretty rough shape and when buyer's see one that is correctly priced and meets their needs they are offering.  On top of that it seems that most buyers have the same wants and needs in these homes, which is what is leading to the start of these bidding wars again. 

So what is the moral of the story........

Don't find yourself uninformed.  Reach out and sit down with a buyer's agent(preferably me) and discuss your real estate goals and learn all you can about the current local real estate market.

It doesn't cost a thing and it can save you a lot of surpises down the road.