While analysts debate when the housing market will hit bottom, the turnaround has already begun and is ON FIRE in our local Placer County.
• For years, buyers were scared of overpaying for a home, but less so now. Many buyers have grown accustomed to thinking they’ll score deals, so they tend to act slowly, and typically start bidding around 10 percent to 15 percent below list price. However, a growing number of buyers are beginning to realize that if they wait too long in this market, they may miss out. My buyers and I are witnessing properties going into pending status the same day they arrive on the market, and for OVER asking price!
• Sellers can hold firm on price if they’re patient. The days of having to deal with low-ball offers are coming to an end. The higher the price, the more patient the seller must be. Cheaper homes are affordable to more buyers and appealing to investors, so recoveries usually start there. • Sellers should keep in mind that while they don’t have to placate low-ball offers anymore, they also can’t shoot for the moon either. Working with a local Meadow Vista Merchant Realtor and setting a realistic price from the get-go is key.
• Sellers should know what they’re competing against. Homeowners should let their home’s value dictate the price. While this may seem self-evident, some owners may have lost sight of it during the bust. On the one hand, some sellers clung to the false hope of a return to boom prices, so they set prices unrealistically high. Others may have gone too far the other way, and set their price too low. Rely on the expertise of your local Realtor to guide you in a fair, comparable listing price.
• It’s also important that sellers understand they’re no longer competing with gutted foreclosures. Buyers are tired of looking at worn-down, neglected, distressed properties and often don’t have much extra money to do a lot of fixing up. Us local Realtors are seeing that our clients are willing to pay a little more for a home that’s ready to move into. Also, our inventory is at historic lows. We haven’t witnessed such a low inventory since 1986.
NOW is the time to be a SELLER and a BUYER. Don’t miss out on the incredible opportunities waiting for you in this fast moving real estate market. Contact one of your local Meadow Vista Merchants Realtors today to get started on this exciting chapter of your life!