Sellers thinking of selling need to get to the market now, not later
Buyers have fewer choices in most markets throughout Maryland than a year ago. Inventory supplies are down to the lowest point for the first time in more than six years. And many of these listings are seeing multiple offers making sellers feel like they now have options to negotiate and be more selective.
Some buyers are finding that their offers aren't stacking up well against the multiple offer situation. Those with a low ball strategy or asking for maximum closing help are finding their offers declined or bested by more motivated buyers. "I thought I could get the seller to pay all of my closing help. But I put in six offers and haven't gotten one yet," commented a first time home buyer in Annapolis.
Well-priced homes and in good condition are going under contract in less than 82 days, on average. That is down from 140 days one year ago. The average sold price is up 9.44% from last February.
Some buyers are finding that their offers aren't stacking up well against the multiple offer situation. Those with a low ball strategy or asking for maximum closing help are finding their offers declined or bested by more motivated buyers. "I thought I could get the seller to pay all of my closing help. But I put in six offers and haven't gotten one yet," commented a first time home buyer in Annapolis.
Well-priced homes and in good condition are going under contract in less than 82 days, on average. That is down from 140 days one year ago. The average sold price is up 9.44% from last February.
Fewer short sales and bank foreclosures debuted on the market since the beginning of 2013. Buyers with plans of stealing deals are disappointed to find that those listed are at fair market value concurrent with non-distressed properties. And they are selling at those prices.
All of this pent up demand is pressuring home prices to tick upwards and fueling the recent flurry of media reports about a seller's market. While this isn't an indication that sellers should become overconfident, it is an excellent time to assess whether it is a good time to sell if it has been top of mind.
All of this pent up demand is pressuring home prices to tick upwards and fueling the recent flurry of media reports about a seller's market. While this isn't an indication that sellers should become overconfident, it is an excellent time to assess whether it is a good time to sell if it has been top of mind.