Published May 3, 2021
MARKET REPORT 5.3.2021
By now you know this market ain’t easy… inventory is LOW, as are interest rates, and prices have been rising. Sellers are stressed that they’ve missed their window of opportunity (they haven’t), where they will go after selling, and if they priced correctly. Buyers are stressed because they can’t find a home and if they do, they are competing against 50 other buyers, must give an arm and a leg, and may sweeten the offer by naming their first-born child after the seller. Let us tell you, it’s WILD out there.
This is why we stress (we know, we sound like a broken record) the importance of working with professionals. You NEED the right people on your side, who understand your situation. Together, you’ll come up with a competitive strategy tailored to your wants & needs. We stress this because, we know it works.
Look at our residential buyers for 2021, we’ve saved them money… These days it’s unheard of to be paying list price – but our buyers have done just that. On average they've paid 100.52% of list price. We also know, on average these homes spent 58 days on market, which may mean they were price too high to begin with, and we offered at the right time! We are proud of these numbers and are hopeful they remain the same, but we know the market is ever changing. What was standard a month ago (even a week ago) is different if you are offering today.
Where we saved our buyers money, we put more money into our sellers’ pockets! On average, our residential listings have sold for 106.86% of list price and spent 6 days on market. They would have spent less days on market, but we’ve implemented offer review dates to ensure all buyers have an equal chance – we know what it’s like on the other side. These sold prices reflect the market, great pricing from Agents, and sellers listening to our pre-listing advice.
So, what should you take away from this? Be prepared. Understand what it means to be a buyer or seller. Don’t wait, start now.
