Today's Market- Should I Buy?
Let's be clear!! COVID-19 has not slowed the Real Estate market down AT ALL! Rates are at an all time low! Buyer's are catching these deals like a bee in a honeytrap! I watched a house on my block have showings back to back in one single day. I must say that in this market you should be prepared for the good, the bad, and the ugly. Agents are driving all over town at all times of the day due to the shortage of housing inventory to show homes. In analogy its like 2 houses out of every 5 buyers and if the property is marketed and priced correctly, it's a fight! (Offer wise).
This is actually a great time to sell, for all my sellers who are contemplating selling. It's a Sellers Market. This doesn't mean over price your home because it still has to be appraised but you can possibly sell faster during this time. Buyer's, the one thing to remember as a buyer during this time, is that inventory is low. What does that mean for you? It means the following:
1. Submit Your BEST offer! Asking for too much can get your offer rejected. Ask for what you need. Make your offer a strong one!
2. Save your cash! Closing costs may not be afforded to you because there could be multiple offers on the property. Have savings for your down payment and closing cost.
3. Be Patient. You may not get the first house you place an offer on in this market. Don't be upset just go back to the first point....submit your best offer.
4. Find an Agent that works for you!
5. Find a loan officer that can quickly give you details.
6. Time is of the essence. If you have to sleep on it. It most likely will not be there tomorrow. Sorry!!!
To my first time Buyers, remember that this is supposed a wonderful experience, lol! Enjoy the process. Trust your agent and don't get offended by their suggestions. Agents want to see you win!! Happy house-hunting!!!
Signed Shaneka Nicole