This is the weirdest market we are in right now and I’m not sure it’s going to end sometime soon! We have NO inventory to speak of! We are down to “pre-bubble” levels and we’re selling more than we did back in the day also!
‘Mortgages are CHEAP man! UNDER 3.25% for a 30 year fixed rate and lower for a 15!! The end of year “flurry” due to Homestead is under way and many buyers are still thinking that it’s THEIR market! Let me state again…IT’S A SELLERS MARKET OUT THERE!
Properly priced homes…That are not under water (a “regular” sale) are flying off the shelves like the new collector Tickle me Elmo doll! Buyers it seems…have to lose out on one, two…THREE homes to lowball offers they make before they finally catch on and make full price or above offers to secure a home for their family. The APPRAISAL on that purchase is another item for another day…But the offer process, usually the fun part…the “automatic” part is where the fox is hiding.
Buyers need to “woo” a seller with glamorous “as-is” offers (I hate those too…another day) and large down-payments…Forget the closing cost credit request since any of the other 5-10 buyers offers won’t likely include one.
“Pay OVER appraised value?” you ask…Yes, that certainly is something you need to consider…Now that’s if the appraisal is “just” and if the contract price to appraisal difference is manageable…2, 3, 5, 10 thousand over is happening every day…If you decide against it…jump back in the pool with everyone else and keep writing offers.
Folks, it’s a seller’s market “inventory wise” and a buyers BEST time money wise…Don’t focus on the price of the house, rather focus on the tremendous low COST of the house! Get a good mortgage lender (a DIRECT lender please-another day) and BUY!!