It’s turning into a cruel summer for many buyers and sellers. Sellers and buyers are increasingly afraid that their house sale or purchase may be their next mistake.
Recently, our local Vermont real estate market has experienced some situations with pricing and buyer response that we are finding unusual. Most of my colleagues are referring to the current state of the market as “weird,” and we, also, are finding it a bit quirky. What does that mean?
In analyzing market pricing and buyer response we have concluded that shifting seller and buyer psychology has impacted some properties in certain price points and locations. Here are our 3 observations:
Bidding wars generated by multiple offers and rising interest rates are causing buyers to pause in their search. Due to our continued low inventory of available homes buyers are getting frustrated with the competition. In some cases we are seeing buyers bid $60,000.00 or higher than list price in the race to secure a residence and still “not” winning the bidding war. As a result, buyer behavior is shifting from impulsive and excitable to cautious and reserved.
Sellers are conflicted when choosing a pricing strategy. Should they price it at the suggested market analysis value? Should they price it where they want to “sell it?” Will they receive multiple offers? This conflict results in additional seller angst, “Will we have to reduce the price if we don’t receive an offer quickly?”
Buyers and sellers continue to be awed by the sale prices of properties. Some are selling “at” their listing price, others are way “over” the listing price, and in a few cases some “under” the listing price.
The predictive aspects of pricing in relation to buyer and seller behavior continue to be challenging. There is no playbook for our current real estate market.
For sellers, one of the most important aspects of selling your home is to find the “sweet spot” for pricing your house. We encourage our clients to think about a range of value while considering the potential for the highest price for their property. As far as predicting buyer behavior, we are happy to share our latest insights with you.
Whether you are thinking about selling or buying, it is always best to have a professional in your corner to guide you through this ever-changing market. Contact us today to see how we can help you achieve your real estate goals!
Did you know that when you contact random real estate agents they are “not” working for you? While they may be friendly and accommodating, they do not have your best interest in mind. Until you sign a contract with a real estate brokerage firm you are an unrepresented buyer. While there is no requirement that you engage a professional to represent you in the purchase of a property you may get weary of not having “one” real estate agent as your fiduciary, someone to put your interests first. Here are three reasons to hire a Buyer’s Agent:
Are you afraid that you missed out on selling your house for the “highest price ever?” Well, fear not. We have been helping sellers get top dollar long before the meteoric rise in sale prices over the last few years. Our “Prep for Success” program provides a roadmap to maximizing your house’s value.
What do you love about your home? Our marketing program goes above and beyond your average real estate listing. We take the time to research your location, amenities and unique features to attract qualified buyers. We love what you love!
We are obsessed with the weather. When The Weaver Team works from home one of our favorites is The Weather Channel. People often ask me, “Does it slow down in the winter?” Well, yes, in normal times. Then, they ask, “When is the best time for my property to go on the market?”
Is the real estate market cooling off? No.
Grab a snack and a water and let’s go find a house! Yes, it’s almost that easy. We have relationships with local lenders and an extensive network of colleagues to assist you in your quest for a new abode. Here are some other tips to speed through your home search:
Let’s face it, there are plenty of Realtors out there. They are in your book club, your networking club, at your gym, and at the dog parks. Realtors wear vests, coats, and even dog leashes emblazoned with their brokerage logo. And, if you even mention “moving” at a Starbucks be assured that there is a Realtor lurking at the next table.
If you’re a fan of Zillow.com then you are familiar with the “Zestimate” value of your house. Of course, it is an “estimate of value” but because it is generated by Zillow they have added the “Z” to make it proprietary. Recently a buyer asked why a Zestimate was so much lower than the asking price for a house. Good question. Let’s discuss.
