What’s Different in a Sellers Market??

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Fewer homes for sale– if you know how many houses sell per month and how many houses are currently for sale; then it’s Economics 101. The demand is greater than the supply. (if you have been wanting to sell – now is an Excellent time – call one of the 3 Realtors on the Eisenlauer Team)

List Price/Sale Price – houses are selling closer to list price , sometimes even over list price. Now is not the time to lowball the seller. February 2016 – sales are 95.9% of original list price.

Buyers must be pre-qualified – In the current market – you will not be taken seriously without a pre-qualification letter . “If you don’t provide a pre-approval letter from your lender when you make your offer, you won’t even be considered as a serious buyer. Getting a  pre-approval is free; it also helps you determine your budget and will give you an idea of what your monthly payments will be.” says Luke Landis at Movement Mortgage.

Days on the Market – homes are on the market for fewer days right now. If you are in the buying process – have your ‘ducks in a row’ and be ready to write an offer with your Realtor – sooner!  Right now, the Des Moines median is 78 days on the market.

Another consideration – in a buyers market, you may be competing against 2 or more other buyers. Consider ahead of time how you can be competitive.

  • Price is not the only consideration. Being able to be flexible in your closing date may give you an edge. Some sellers will want ASAP closing – others may need a little more time to move to their next home.  Flexibility may be a deciding factor.
  • Repairs – Maybe you have skills and time that the sellers don’t. You may be able to negotiate doing some required/requested repairs on the seller’s behalf.
  • Personality – Sometimes a seller will choose to sell to someone they like.  I am not suggesting that they would discriminate for or against someone because of nationality, religion etc. But consider writing a letter to be presented with your offer.  Let the buyer know the things that are especially appealing about the house they have loved. Give them some details about yourself . 95% of people buy (and sell) on emotion and justify logically.  Personify yourself!

Next post – will be suggestions if your house is on the market and NOT receiving showings or offers.

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