By Nicole Happel on Friday, 17 April 2015
Category: Real Estate Statistics & Analysis

Home Sellers Have the Advantage

It can happen anywhere, at the grocery store, at parties or while I'm out showing homes to buyers. People always ask..."how's the market?" Well, here is my answer today: IT'S A SELLERS MARKET! Today, there are 25% less homes for sale than there were a year ago. Buyers have less to choose from, and sellers know it. As a result, homes are selling much faster and at higher prices. The average price for a single family home today is up 9.5% from last year at this time. I recently worked with some buyers looking for a new, bigger home for their growing family. They were looking slightly over the average price, in the $280,000-$290,000 range. I must have shown them over 20 houses total. What we kept finding was the cute stuff which was priced well would sell so fast, and would usually have multiple offers. The first house they loved was a cute remodel located in the Northeast area of town. It had all the bells and whistles, granite counters, hardwood floors, new paint and carpet, pretty light fixtures. After only 2 days on the market, they put an offer on that one. Their offer was full price but they did ask the seller to concede $5,000 for closing costs. The seller countered the offer and only agreed to pay $2,500 in closing costs. My buyers ended up losing that house to another buyer, one who was willing to pay a higher price. The next house they loved was another cute remodel located in the Northeast area of town. This one also had a remodeled kitchen, hardwood floors, new paint and carpet, and it had a wet bar in the basement. The house had only been on the market for 1 day and already had many showings (meaning other buyers looking at it). My buyers didn't mess around with this one. They put in an offer immediately. Again, they offered full price and asked the seller for $5,000 in closing costs. The seller countered their offer with ZERO concessions, full price, take it or leave it! By this time my buyers had learned their lesson. They were either going to accept this counter or lose the house to another able buyer. They accepted the counter and are now under contract, closing soon. The moral of the story is, it's a SELLERS MARKET right now! Cute houses which are priced well are selling fast and at top dollar. Sellers may not even agree to any concessions, knowing that if you don't buy the house there is another buyer in line who will!