What if we could negotiate the price per gallon of gasoline at our local gas station? Imagine taking a gallon of milk and a pound of ground beef to the grocery store customer service and negotiating the price per pound. You could use your reasoning skills to educate the clerk that the same products, maybe a different brand are just down the street offered at a lower price. I doubt your negotiating would fare well. Our high school economics teacher taught us the basic concepts of supply and demand. It’s ironic of all we learned over the course of our academics, the laws of basic economics seem to rear its head in everyday life. In the real estate world, the laws of supply and demand of basic economics are heard loud and clear. Continued low interest rates and low inventory remind us it is very much a sellers’ market.
If you have even remotely entertained the idea of selling your house, now is the time. If you have followed a regular maintenance schedule and made necessary updates when needed, you should have no problem selling your home quickly with the help of a local REALTOR®. Your biggest challenge will then be that through the lens of a buyer. Buying in the current market is not for the faint of heart.
A few weeks ago, I discussed at length the importance of getting your pre approval letter. As a reminder, your first step in the buying process is to obtain your pre approval from a local lender. He/She will be able to quickly provide you with a sense of what you can comfortably afford without breaking the bank. Next you have to be extremely diligent in your search. Please recognize ‘perfection does not exist’ and you will likely need to make some compromises in your search in conjunction with what is currently available on the market. Once you find a house that checks your boxes, your schedule must be accommodating to allow for quickly scheduling showings. I tell my buyers this, and it is more true now than ever. Time. Kills. Deals. I never want to sound like the ‘pushy sales guy’ and I’ve said all along our role, as REALTORS®, is to provide you (our client) the tools and resources so you can make the best decision for you and your family. You may not have the luxury of ‘taking time to think about this decision’. That being said, please note, the market is telling us if a house is in a good location and condition and is competitively priced, it will sell fast. Although rates are slowly increasing, inventory remains low. Our high school economics teacher along with most of my colleagues in the real estate industry would agree it is still an aggressive sellers’ market. If you’re a seller, and you have a place to go, now is a great time to sell. If you’re a buyer, get your pre approval, buckle in, and hang on for a fun ride.
Until next week, love where you live. And if you don’t… contact your local REALTOR®.
Brian Haufe, 2022 MBOR President