Wow. That one word is fitting for this spring. Listing inventory is low, buyers are plentiful, and rates are climbing. That scenario has translated into a multiple offer situation (if priced properly) on day 1, and acceptance of offers well over asking.
Appraisals have kept things somewhat in check. The bank is holding their ground and not getting involved in lending money on the “over” that these offers are written for every time. Cash to cover is extremely helpful now, and well written offers are paramount.
In some cases, buyers are waiving their inspections and appraisals altogether. That is hard to compete with if you don’t have the resources.
So, what do you do? Sellers have is easy. Price it well and negotiate the best deal. Use a great Realtor and you’ll have that done. What about our buyers? Well, you remain vigilant in your process that you’ve designed for buying a home with your Realtor. Use a Realtor that is proving to be very strong in the market the past few years. Interview them and go with results. The best course after that…