Over the last decade alone, our local Puget Sound market has been hot – red hot! – and our market has been slow (what we like call a colder market). Each requires a different home buying strategy:
Hot Market – Properties come on the market and sell within a few days. There are a lot of buyers but not enough properties, which causes competition between buyers. Multiple offers drive the prices up. In order to make offers look attractive to sellers, buyers move out of their comfort zones and begin eliminating contingencies that represent the buyers’ safety net. Homeowners who want to move are concerned about having to buy, so they stay put, worsening the situation.
Balanced Market – There are about the same number of buyers as market inventory. Homes that are priced at market sell the fastest. Sellers need to bring their asking prices in line with the market or buyers will pass it over in favor of other product that is available and priced in line with the market.
Cold Market – Homeowners want to move, but there is more inventory on the market than there are buyers for it. Homes linger on the market, homeowners reduce the price and sometimes even offer incentives for buyers. Investors are likely to be in the market, looking for deals.
Each of these markets requires a customized buyer strategy – and we will work with you to define yours.
For example, if we are in a hot market, that is great for you as a seller (there will be very high demand for your property), but for a buyer it’s challenging. We will make a plan that works allows you to time your transition, negotiating with the seller to give you the time you need to get your home sold.
The are opportunities to be had in each market! We will look at your situation and provide you with strategy suggestions that feel right to you and accomplish your goals.