Although there are unbelievers out there, we really are in a seller’s market right now with below-average level of for-sale inventory. There are more buyers out there than properties, so we realtors are all showing the same homes and competing with one another. I am seeing anywhere from 8 to 15 offer come in within days of the listing. As a buyer it is important to ensure your agent is showing you property as soon as it’s listed so that you do not miss out on any opportunities to put in an offer on a home.
Educating our buyers becomes extremely important in a seller’s market. Most homes are priced aggressivley to sell (mainly distressed properties), so putting in an offer at list price isn’t going to get you the home. In most cases buyers will need to offer above list price to get the home (especially if they are asking for concessions). If buyers need 3% credit for reoccurring and nonreoccuring closing costs, the offer should include at least 3% higher than list price and even more to be the winning offer. Of course, comps will need to support the offer amount for appraisal purposes.
Better Homes & Gardens Real Estate
925 Highland Pointe Drive #140
Roseville, CA 95678