Well, it looks like the summer is over and we are heading to the cooler days of fall. If your like me summer just flew by and it kind of seems like a blur. With all the struggles that everyone has faced this year, it seems everyone is trying to get back to some type of normal. With all the news about the real estate market, it can be discouraging for some in the market to buy. With the media and news outlets letting sellers know this market is remarkable time to sell and you can expect this or that from selling your property. Everyone is feeling the pinch of anxiety of selling or buying.
As for the fall forecast of what to expect either selling or buying a property. It still is a inventory supply issue much like the rest of the country is experiencing in other areas, like the supermarket. Some people will still be experiencing difficulty in finding the property they desire. With the low inventory still causing most markets to struggle to keep up with demand. Which as a buyer you will most likely have to have your ducks in a row. This means that you need to have your finances in order. Be prepared to have a pre-approval information available to place with your offer. In the market we are in today, cash buyers are leading the way. If you have to compete against a cash buyer you need to pull out all the security a seller. The seller knowing what you can do with your pre-approval may be the decision of getting the offer accepted or not getting it accepted. For buyers knowing that sometimes you may not get what you want in your home. If your lender offers loans for improvements ask if you can qualify for these types of loans. Some of these loans are now available for even VA loan situations. Which means if you home you need is not within your home buying choices. You can make your home a dream home you desire with a new kitchen, bathroom, or even requirements you need to access the home. Such as handicapped or other necessary requirements you need for your home purchase. This sometimes is a more involved situation for both the seller and the buyer. But if the seller is getting what they want from the sell, it may be a possibility for all parties involved. Buyers need to be strong and not give up so easily in the search. This is an excellent time to buy and lock in low interest rates for long term fixed loans. Once this low interest rate stops. We only have one way to go and that is up. Which means the cost of buying will be more and more the longer you wait to purchase.
As much as the first part was dedicated to buyers. Sellers are predicted to have a lot of control in the fall market. Being that the inventory is so limited in some areas. Sellers are going to have an easier time to sell, making this a true sellers market. The first thing the sellers hear is you can get more from your home unlike anytime in the past. Yes, that is a true statement for most markets. But the sellers have to understand that unrealistic situations are not typical with most buyers. The market is always pushed by cash sales, in this market cash has become the main driver in some markets. Being that said, as a seller you can hope your buyer is a cash buyer. They may still have contingencies to purchase from inspections to legal requirements to clear before closing. Anyone should expect a home inspection to be completed on a property. If you one of the buyers that does not want to do anything and selling as-is. You may be limiting your list of potential buyers. As-is a term that most in the real estate industry will hint towards the seller may know something is going on with a property? That may or may not be the case, but anyone buying something as big ticket as a home wants to know what is going on with that property. Much like buying a vehicle, most buyers at least take a test drive.
If a seller is in a multiple offer situation, you agent should work you through what an offer has in it, what the difference of the offers could and would be. Sellers should be aware of highest and best may not be the end of the purchase process. If your buyer is looking for lending and has to borrow. You will have to get through the lending process of the appraisal. All buyers needing lending have to rely on a appraisal to clear and be approved for the loan amount. What some sellers may discover is that the property did not appraise. Which in short terms the buyer is not able to attain the lending needed to purchase the home. Why is this happening? The appraiser uses most recent data collected from recent sales in the market area. Being the markets in some areas are moving at such a record pace. With the influx of cash sales and above asking prices. They simply cannot make up the difference in the sales value in the current market. The appraiser has control over the final outcome, it is set on the opinion of value of that appraiser. So no two appraisals or appraisers will have the same outcome normally. Both buyers and sellers need to understand the process and your agent can tell you how current time frame on lending is running in the loan process.
What you can take from all this as as a buyer is seller is to be prepared. As with much of the following almost 2 years now, we have learned to be ready for potential issues and problems. It seems as things do come back on board and some things may not be able to come back on board. You need to be aware of market conditions and changes that sometimes may seem like overnight. A real estate professional will be able to assist you no matter if you are buyer or seller. Experienced, full time agents are well versed in knowing what need to be done to make your purchase or selling of your property smooth and more of what you want from your selling or buying process.
Let me put the power of a National Brand to work for you!
Keith S Shaver
Thomas H Johnson, Broker of Record
174 Northridge Drive
Lewisburg WV 24901