First, I want to give a HUGE shoutout to all the people who have been supporting me in the launching of my real estate journey. I am so lucky to have built a community that is so supportive of this new venture. Thank you for the likes, follows, comments, and shares. We even hit 100 likes on Facebook today!
Now, into the updates - If you have been looking for a home or thinking about selling your home, you know the market has been very busy. Just a few months ago, many sellers were getting an unprecedented amount of offers on their homes, and buyers were in fierce competition with each other.
Things have "slowed down" compared to previous months but things are still very busy compared to the pre-pandemic market. Over the summer we were seeing well over ten offers for one house. Many of the contracts submitted contained competing clauses as well which drove the price up, and it made the market really competitive for buyers.
Here is some info on the market in October:
We are still seeing multiple offers on homes and there is still strong competition, but we are not at the level of craze that was happening 6 months ago. If you want to sell, now is the time. If you are a buyer, here are some things you can do to make sure you are in a strong starting position.
Making sure your financial documents are in order so you can get pre-approved
Be prepared to compete with multiple bids
Understand that a seller may not be as likely to fix some of the nit-picky items from the home inspection, so work with your realtor to negotiate what you would really like to see fixed
Be prepared to act quickly so you can get your offer in as soon as possible - It really helps to have a good relationship with your Realtor so they know exactly what you are looking for
With inflation starting to warm up, we will likely see interest rates start to climb slowly and steadily. If buying makes sense for you, it is a good time to take advantage of the interest rates and lock in at a great fixed rate. Reach out today to see if buying makes sense for you, and for a referral to a qualified mortgage professional.
Hope to see you soon!