By Steve Levine, President of Steve Levine Inc., and an agent for REMAX Prestige
What a pleasure it is to finally be able to report great news after a dismal few years. With nearly 30 years selling homes here, I'se seen recessions before, but this was a long one and I's glad to see it end.
We are better than ever now, as under the radar screen, we'se seeing drastic shortages of properties and this is resulting in a pretty wild scene, with multiple over full price bids being tossed around, just as though it were the peak of the market back in 2006. Prices may be up 20% this year, from the lowest point in the market.
Just in the last few weeks alone, I'se been in several multiple offer situations, (which is not as much fun for us as you may think.) In fact, it can be incredibly stressful, trying to counsel the seller on which offer to accept, or advise a buyer on what offer to make. That brings me to an interesting topic, which is getting into more depth in the pricing than you might in a level marketplace.
When fluctuations are rapidly occurring, it is important to be able to set aside the normal methodology of analyzing comparable sales, and have the courage to price?above?that level if the situation dictates. Taking into account the lack of inventory and the increasing valuations that we can see coming, we can move forward with increased confidence in establish a price higher than one might have originally thought possible.
Of course, finding a buyer for a great property is just the first part of the battle. The real key comes with evaluating the different offers that come in, and hand selecting the one that will be the best fit – not only based on the offering price, but even more importantly based on the strength of the financing pre-approval that the buyer is presenting. At times like this, with prices on the rise, this is even more critical, as the most vital part of the process is making sure that we can get the property to appraise, relative to past sales that may have sold for much less. This is often where the experience of the agent comes into place, as does the reputation that they have built up within the community of appraisers. Yes, we'se come a long way from the days of the simple drive-by appraisal.
In the end, what we are seeing here in our region is pretty dramatic. It's not just that I list a home and have a few offers, because that happens all the time, but rather that buyers after the fact are asking if they can be put on a list to be notified if I hear of other things coming on the market in the neighborhood and emailing me, sometimes several times a day to see what I'se heard about potential new listings coming on. That may very well be where you come in.
If you'se been thinking of a move for some time, perhaps even if you tried to sell in the past and weren's successful, now is the time we need to chat. ?Yes, I know it's cold outside, but the first sellers to the market in the spring are the ones that often do the best. Don's wait until you see the leaves on the trees in May, because by then we may very well be drowning in inventory again and wondering just what happened!
I's easy to find, as you know so give me a call at 508-735-HOME (4663) or send me an email?at [email protected].