Today’s real estate market is quite a bit different then it was several years ago. Inventory remains tight (has been for years), prices are high and the good homes all seem to have several offers already placed on them. So what do you do in today’s market?
Stay ahead of the market; For serious buyers in today’s real estate market you need to actively be involved in the home search. At Oliver Realty that means get a free account for our +Search which is our search feed that updates automatically as new homes hit the market. As your broker we will build a search we think aligns with what your specific needs are in a home with some of our own ideas of where to find value. As soon as those homes hit your price point of criteria they are instantly emailed to you. Being 1 day ahead of the other buyers who are not as astute of the changes in the real estate market is all you will need generally to get a great house.
Look For The Slightly Older Neighborhoods; Slightly older homes and neighborhoods in today’s market offer on average the best value. New homes are selling for high premiums that many buyers currently seem willing to pay. We think this premium will evaporate if/ when the market starts to change (which may not happen anytime soon). New homes in many areas are selling for $50k-$75k more than comparable homes built 20 years prior nearby. Don’t get us wrong new homes are very desirable and are worth more than an original 1999 house no question, however buyers generally stretch in today’s market to get homes at all. If getting a brand new home means a less demanded area or smaller size than comfortable go with a slightly older home and neighborhood that is in good shape or has some updates. Upgrading the neighborhood even when its older is almost a guaranteed great move when buying a home. If you have questions about this contact us and we can give you recommendations.
When you see a great home be ready to swing; What this means is that with constrained inventory levels every buyer is looking at the same stuff. The speed of which buyers show up and when is the only thing that will allow you to get a deal. So when you see a great house at a decent price it is only a matter of time before other buyers make the same conclusion. That being the case get your offer to buy into the seller fast and bring in an offer that is competitive if you want to be the new owner. We have seen a lot of multiple offers and full cash buyers even just going over full price right off the bat to make sure they get the home they want vs the second best option…. The $5k to $25k higher initial offer than what you “may want to start with”, will pay off significantly when you get the house over the other buyers who showed up 1 day later. (Which is why you need an Oliver Realty account to monitor the market in real time.)
If you are in the market for a new home this year these three tips should help you tremendously. We have been representing hundreds of clients the last few years and know how to help buyers secure the best properties in this ultra competitive marketplace. If you have questions about how to get the best house for your money or how to position yourself to take advantage of your situation (ie; cash buyers still have a lot of leverage, buyers looking in certain areas, home styles, or price points also have leverage they may not know exists.) contact us at Oliver Realty today. We have experience approaching $200,000,000 and know how to help our clients get the results and deals they generally are looking for.
-Thanks For Reading! Michael Oliver Designated Broker/ Owner of Oliver Realty