As restrictions loosen up and life returns to the new normal, would be home buyers and sellers find themselves in a hurricane of home sales. Homes are selling for over asking price, often with contingencies normally standard being thrown out the window. Multiple offers, once the mark of a rare listing hitting the market, are now standard.
But why? And what does that mean for folks waiting to dip their toes in the shark tank feeding frenzy that’s happening right now?
We had a long spring break at home. In the state of Pennsylvania it was 9 weeks of hurry up and wait for many industries, including Real Estate.
Buyers that were ready in Spring were shut down. Buyers that are ready now are competing with 9 weeks worth of delay.
Sellers, while enjoying the benefits of multiple buyers, are left worrying what will happen when their home sells and they themselves become the panicked buyer.
What’s the solution? Simple:
A strong listing agent will be able to help navigate multiple offers to pick the best option-which might not always be the highest dollar amount (looking at you appraisal cuts.
You can elect to have the sale of your current home be contingent upon you finding suitable housing within X time frame. The contract dates on the home you will soon be moving out of will not start until you are under contract on a home you’ll be moving in to.
With buyers often losing out on homes by just a few hundred dollars (and in some cases literally cents), many will be glad to accommodate unconventional solutions for these unconventional times