Wanting to Sell VS Needing to Sell
For many years it has been difficult for buyers to buy homes without being subjected to a crazy bidding war. The inventories of homes for sale were historically low while at the same time, buyers were wanting to get in on the hot market. This caused some of the most insane offers to be made on homes. Sellers wanted in on that so they tried selling their homes at super high list prices and in most cases got that or more! Sellers in these cases wanted to sell.
Those markets do not last long. Most of the time, in normal markets, sellers need to sell. For example, their companies transfer them out of town, there’s a divorce or a death in the family, etc. These are not times that sellers want to sell, it is when they need to sell. We are now in a market that is seeing more sellers that need to sell and don’t really want to sell; it is not the time to test the market. During these times, the sellers’ focus is not on how high they can push the market price, it’s on how quickly can they get this home sold. They tend to price their homes more reasonably and are willing to work with buyers to find a fair price.
This is amplified in the slow times of the year. Seasonally, homes sales change. Springtime is historically the hottest time to sell, and the holidays are just the opposite.
For buyers we are in what could be considered a “perfect storm”. The market has slowed enough that the sellers that are on the market because the need to be not because they want to be, along with the fact that we are heading into the holiday season, so those on the market now are wanting to get rid of their home as soon as they can. This makes for a buyer’s market. Plus with the low interest rates, we have not seen a market skewed in the buyers side in years! So yes, it Finally is a great time to buy a home.
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