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Bidding Wars and Inflated Home Values: Will They Last?

Do you want to place your house on the market this year? Indeed, this is a buyer’s market, and you do have an edge. What plans do you have with regards to pricing? Is higher than the market value what you are going to demand? That is what most sellers are doing right now which has created bidding wars on most properties.  This has also created some issues which might hurt you when selling your home.

We talked to some of the best real estate professionals, and they shared the following interesting insights with us. Use them, and you will be a step ahead in the game.

The timing cannot be more perfect

A cold winter season that had a severe effect was seen at the start of this year. The weather did improve, but sales had not climbed by March. We are past this now. Mortgage rates have gone down once again, and the frenzy has begun at banks and financial agencies. List your house now, and as long as your asking price is not highly inflated, you should get an offer on it soon enough. Some houses are sold within 2 days of being listed on the market.

60% is what you have to keep in mind

A study predicts that of all the homes that will be sold this year, 60% of sales will take place between May and August. Delay beyond August, and your house could remain on the market for a long time. It is only in between these months that you will be able to catch the attention of many buyers.

And more important than this is the price

Are you really thinking about inflated prices and selling your home at a higher rate? In the opinion of most real estate professionals, you should avoid this if possible because you do risk the chance of your house remaining on the market too long.

A survey claims that over 44% sellers are keen on charging prices much higher than the market value. Try it out, and until you can find an all cash buyer, there is no chance that you are selling your house this year. Why are we saying this? Because with the inflated prices, no buyer will be able to get a mortgage.

Bidding wars… you may not see them as we move further into the season

Were you excited about bidding wars? Unfortunately, because of the high prices, many buyers have stepped out of the market, and you might not witness them much longer.

Source: www.huffingtonpost.com

 

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