Traditionally, late spring and summer the best times for homeowners to sell their homes. Summer 2013 will be no exception. Buyers seem to be everywhere. Investors, Cash buyers, FHA, VA, Conventional, you name it buyers seem to be pouncing on any listing that comes onto the market. In today’s market it’s bidding wars amongst prospective buyers is becoming common. Even investors, who for years low-balled sellers due to the surplus of inventory and lack of buyers, are now submitting offers at the list price or above. The lack of inventory in the market, low interest rates and a surplus of buyers has created a smoking hot real estate market.
The offer submission and negotiation process can be stressful for buyers. Many buyers, frustrated with the stiff competition, appear to be prepared to offer whatever it takes to get their offers accepted. Even buying agents are becoming more and more aggressive, and creative for that matter, in attempts to get their clients’ offers accepted.
The amount of traffic attending open houses held by Realtors® really demonstrates the sheer number of potential home buyers scouring the market for homes. On Saturday, May 11, 2013 Michael Gaddis of Michael Gaddis, J.D. Realty Group conducted an open house at 780 Aldea Dr. in the Oceanside Community of Sonoma Hills. During the 5 hour open house 22 potential buyers stopped by to view the property; this number is quite high considering the state of the real estate market just one year ago. Homeowners that have been waiting for the right time to sell their home, be advised now is the time to list your property. A competitive market like this where cash and above listing price offers are flooding in, with just a few days on the market this scenario is a seller’s dream.