Tuesday, August 20, 2013

Are You Prepared For Our Multiple Offer Market?

By Christine Schlittenhart, Sierra Pacific Real Estate

If you're an active Buyer right now, then I'm sure you know what a wild market we are experiencing.   Gone are the days of the “Low Ball Offers”. Today's Buyer needs to be quick, prepared, educated and pre-qualified to keep up with our current fast paced multi-offer market.  Not only are most of our listings getting multiple offers within the first week of being listed, they are selling at or above listing price.
• Quick Buyer:  Today's Buyer needs to be looking at the properties sent to them by their agent on a daily basis, if not multiple times a day.  When the right property comes on the market, you need to be at the front door with your Realtor ready to see it and ready to write an offer.
• Prepared Buyer:  Today's Prepared Buyer has already met with a lender and knows the purchase price they are qualified for and has a current pre-qualification letter in hand along with proof of any cash being used for the home purchase.
• Educated Buyer:  Today's educated Buyer has asked their Realtor what homes are selling for in their desired area and has asked their Realtor to run sold comparables on the home they are interested in.  Today's educated Buyer will write the highest and best offer from the start, limiting the amount of work and money to be handled/spent by the Seller. Also, today's educated Buyer does not rely on inaccurate sites such as Zillow, Trulia and Redfin, and relies on properties being sent to them by their Realtor through Metrolist.
In the last six months (as of 7/16/13), 83 properties sold within the boundaries of Christian Valley, Meadow Vista, Applegate and Weimar.  Out of those 83 properties, the average sold price versus listing price averaged out at 99%!!  The average days on market was 64 days, with 22 of the properties selling within 10 days or less.  Even though we are seeing a slight increase in available properties, we still have an abundance of Buyer's all competing for these properties.  
Call one of your local Meadow Vista Merchant Realtors today and become the Quick, Educated & Prepared Buyer that will get the home of their dreams!  (Data taken from Prospector.Metrolist on 7/16/13.)

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