Last week we talked about curb appeal, unfortunately if you planted flowers you had to cover them or bring your hanging baskets inside. I hope the frost is over and the warm weather is on the way. The next two weeks are full of change and new beginnings as WVU graduates will be turning their tassels this weekend and the local high school’s next weekend.
You should be seeing a change in traffic as the students head out for the summer. Our rental market is having a big turnover as we speak. But how does all of this affect our housing market? Well, as you may have heard its quite hot! Homes are going under contract in the first few hours of being listed with multiple offers over asking price. This is crazy! When will we see a break? Not anytime soon according to national experts. Housing prices are up 20% across the country and with rates being so low, it’s a seller’s market.
In other cities, across the country, buyers are paying over asking price, waiving inspections and bringing cash to closing. If you need to buy, get ready for some competition. When you see a house that interests you, you need to call your REALTOR® immediately as some buyers are making offers site unseen. But let’s talk about your REALTOR® for a minute. Just because we don’t have any inventory to show you, doesn’t mean we aren’t working lots of hours trying to find your home for you. We talk to each other. We search our MLS and FSBO’s (for sale by owners). We ask everyone we know if they are selling, so we can help you find a house.
So, stop calling the number on the sign if you are currently working with a REALTOR®. If he or she has been showing you property for some time now and you like working with them, don’t jump ship. If they don’t answer your call or return your call within a few minutes of your voicemail, give them a break. They saw you called. It’s possible they are talking to a seller to see if that home would fit your needs. We know you are excited and maybe desperate to find a house and trust me, we are searching. Hang in there, be patient and trust in your REALTOR®.
We all have sellers that want to sell, but where will they go? If they list their home and it goes under contract quickly, they will be in the same boat as our buyers. It is such a weird time in our market. So, what does all this mean for the future? Homebuyers who can wait for the bidding wars to disappear, prices to stagnate, and listings to stay on the market longer will get more house for their dollar. Be patient, exercise caution and don’t pay more than you can comfortably afford.
As things start to reopen and sellers become comfortable with strangers trapsing through their homes, we should see an increase in inventory which in turn will level out the pricing. Have a great week and remember to do good things!
Stephanie Lemley, 2021 MBOR President