READY...FIRE....AIM
2 Weeks ago I went with some clients to see a home the first day it went on the market at 11:00am. I had spoken to the agent immediately after and let her know we would be writing and would I have time to get something in that evening. She said "YES" we have one pre inspection lined up for tomorrow. I called at 6pm that same evening night and she responded with "you have 20 minutes to submit an offer as we are about to ratify. The Sellers received an offer they couldn't refuse." For more transparency this home traded in July of 2021 for 1.5M and was on the market again in March for 1.65M. (No major updates were made) My understanding is that it went under contract for over 1.8M ( I will update once it closes officially)
This is state of the Real Estate market today! Buyers have a lot on their plate right now. They need to be able to move fast. They need to have confidence in their decision. They are going to fail. This is part of the process, and it is the formula to success or a winning bid. There really isn't time to "shop around" it is READY FIRE AIM!!
Financing and understanding your purchasing power has never been more critical. This will dictate everything. With record low inventory, lighting quick transactions, rising sales prices, along with rising interest rates, what was affordable lets say 2 months ago, will not be today. Buyers need an agent. Not just any agent. Buyers need an agent with resources, understanding of the market, poise, patience and confidence. Homes are moving faster than they ever have and it is impossible to navigate alone.
Buyers who are in the single family market need to know that no one can predict the future of Real Estate. What is happening now, and has been happening over the last 2 years is more of the same, and then some. Homes are continuing to get more expensive. If you are in the market there is no indication that this will be getting any easier or any cheaper anytime soon. Recently published in the NY TIMES there is a graph showing that rising prices have kept up with rising interest rates. Supply and Demand continues to be the story and the main driver in the housing market.