2021 Market update
What do you expect from 2021? Well things just continue to make the market strong in both ends of the buying and selling process. The market just continues to move along in a quick pace for the first quarter of 2021. With the historic limited amount of inventory in most markets, this years market seems to be pretty strong for most. It definitely has been described as a "Sellers Market" for the start of this year and most of last year too. Most brokers and agents are pretty clear to state "if this is your time to consider selling" this may be your year to do so! With that being said that is also the situation for most in the market that are looking to buy.
Buyers are also very active in this current market situation. With the non abundance of property available most buyers are frustrated in their search efforts. Most will find that if the property they want to view or potentially view may be under contract. Most buyers are becoming all to aware that "the property is already under contract". Some properties are becoming so popular that multiple offer situations and highest and best are playing out for some buyers. What can you do to make sure you find your new home?
The process in the market we are in will take some work, so don't think that it will be a easy task. Here are a few suggestions that may help you get your new home or move up home in this market.
- Have a Real Estate agent who is Realtor. Having a full time agent that is dedicated to Real Estate is important.
- Have your pre-approval ready. If you require lending have your lending in place and a pre-approval letter from your lender. Supply this with your offer to let the seller know you are ready.
- Know what type of Loan you are approved for. Not all homes will work with all types of lending. Most state programs like USDA and even VA Loans have certain requirements. Know what those requirements are. Just getting an approval is pretty open ended otherwise.
- Be prepared to get your inspections out of the way. Your agent should be able to have a list of potential inspection or other people to get you lined up for any inspection. Lenders typically require termite always. Just remember that the important things of the inspection are what your looking for. Don't worry about the little things from in inspection, focus on the big issues.
- Have the funds aside for getting your offer in. Earnest money will be expected by most sellers, the more you place down the more serious the Seller knows you are. Also have funds for inspections and home owner policies lined out prior to making an offer.
- Be prepared for potentially multiple offer situation. In this market situation it is almost going to happen. By having your situation lined out, you know what you can or cannot do. Making an offer for more than asking may be necessary, so be ready to bring some additional funds to any offer.
This will be about the normal for some time in this present situation. As time progresses this will change and you will see more as the COVID situation moves towards getting back to normal. Making a decision of what you need to do is different for everyone, this is just a recommendation of what you can do to make home ownership in 2021. For Sellers this market could be one of the best in a very long time. For buyers, this market can be a challenge but with the lending situation and interest rates. This too could be a once in a life time opportunity to get the home of your life time. Let the power of a national firm with over 114 years of experience for home buyers and sellers.
Keith S Shaver
Thomas H Johnson, Broker of Record 174 Northridge Drive Lewisburg WV 24901 304-645-1242