Hot, Normal, and Cold Markets
Resources Robin Kielar November 16, 2022
Resources Robin Kielar November 16, 2022
This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
Stay up to date on the latest real estate trends.
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They aren’t selling your loan again, just the right to service your loan.
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Lead poisoning is especially a problem in cities with older buildings.
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Learn and understand your buyer’s situation; what are their motives?
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Owning your home carries with it a sense of pride, accomplishment, and even an elevated social status.
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If you do it on your own instead of paying someone else to do it for you, then it is a great plan.
Title and Escrow
Title companies offer a refinance transaction discount or a short-term rate.
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For buyers, the underground heating oil tank should be written in the sales contract.
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FSBO sellers often end up accepting a lower price for their home than they would with an agent.
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In a normal market, there is a fairly large number of homes available and an average number of buyers.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact Robin today.
