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BuyersMarket InsightSellers

Mid Year Real Estate Market Observations

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Paul George,July 1, 2021

 

Midyear Real Estate Market Observations

By now, we all know that our real estate market is sizzling!

We have an inventory problem, with many more buyers than sellers.  I have a ton of sellers who say, “I would sell in a minute if I had a place to go” or “I would pay more than asking price if I could find something.”  There are so many factors that are driving the market, and a lot of misconceptions.

Here are the blanket statements you are likely hearing:

·      Every house garners multiple offers.

·      Every buyer is paying more than asking price.

·      Buyers are paying $50,000 or more than asking price.

·      Buyers are letting sellers stay in their houses for months after closing.

·      Buyers are not doing home inspections.

·      Buyers are writing offers on houses sight unseen (curbside offers).

·      Sellers are only accepting cash offers.

·      Buyers are paying some of the seller’s closing costs.

·      Sellers are requesting non-refundable deposits.

·      Every house is being sold “as is.”

·      The house didn’t sell in a day, so there must be something wrong with it.

While some of these statements are true, every transaction is unique.  Here are some of my observations. 

There is a little easing of the inventory issue…a little.  In our MLS, a traditional market has 6000 or so homes for sale. Our low point was about 1500, and now it’s around 2000.  This is still a challenge, but not the worst.  We are still getting multiple offers on properties but instead of 10, we get 2 or 3 unless the property is over improved or priced too low. Inflation is rising so people think interest rates are higher.  Higher than what? When I say a little, I mean maybe .25% higher.  Interest rates of 3% are still out there!

Many think there are shortages only in certain price ranges.  This just isn’t true. While it’s true that any home listed under $250k will likely get several offers, even high-end listing will move quickly if updated or if they have a unique location.  I have buyers all over the market, from $200k homes to $400k condos to $2 million dollar luxury properties.  Each segment has a unique market, but each still has high demand.  The $700k market has been a challenge but this is where I’m seeing a lot of overpriced listings with sellers thinking $500k properties are worth $700k due to the market demand.  If there is a “soft” spot in the market, it’s in that $450k to $550k range where things might take a little longer to sell.

New construction can be very frustrating in this market. In the past, the building process began when a realtor introduced our buyer to the builder (I represent buyers through the building process at no cost or increased price to the buyer). Buyers would choose from many different lots and house styles, lock in a price, many times contingent upon selling their current home, put minimal money down until closing, and in 6-8 months would move into a personalized, brand new, warrantied home.

Now, many times the building process begins with buyers entering into a lottery to see if they get the right to choose a lot.  Buyers can no longer lock in a price until the curbs are in (in the meantime the prices have increased), a 5% deposit is a minimum, the contract can’t be contingent upon selling their home, and there may be clauses that state that if raw materials increase, the cost can be passed along to the buyers.  Also, the process might be 10 months or it may be a year, and the builder can’t guarantee all of your appliances will be in at closing.

I frequently get asked,  “Now that people have to start paying their mortgages, will there be a lot of foreclosures flooding the market?”  The quick answer is no, it takes a long time for a foreclosure to happen and most homeowners will manage to stay in their home.  Homeowners have much more equity than during the housing bubble and interest rates are much lower.  I also get asked if we are in a classic housing bubble that is about to burst.  No!  The low inventory problem is here to stay and demographics, our local stable economy, historically low interest rates and housing affordability all say that we will continue these market trends for the next few years.

Embrace the market, it is healthy in our area.

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Paul George
380 Polaris Parkway, Suite 150WestervilleOhio 43082US
(614) 944-5900
(614) 570-2853
halfthebeatles@aol.com

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