Door County Housing for Sale: It's a Seller's Market
How can a Buyer get the Upper Hand in a Hot Market
Door County has an EXTREMELY hot Seller's market in 2021. I recently had a current Buyer send me 12 listings from Nasawaupee through Sister Bay (a distance of roughly 55 miles apart) and they were shocked to learn only two were available.
Yes, like everywhere else in the US, Door County is in a Seller's Market as of this writing--which is great for our Sellers, but what about our Buyer Clients? This has made it extremely difficult, as people scramble to be first in line for new listings and wonder what is "wrong" with listings that have been on market for more than a few weeks.
Our Door County Multiple Listing Service is not part of the state-wide Multiple Listing Service. This is because we have unique characteristics and zoning that makes it difficult if someone is not skilled in working in our area nor a member of the Door County Board of Realtors. As such, our listings currently show up as "Active", even if they have an accepted Offer (we can see that behind the scenes, where it is market as "Active with Contingency" (which means an Offer has been accepted). This has caused some frustration with our Buyers, which we do hear about, and we do acknowledged that a Buyer can contact any of us with the Door County Multiple Listing Service to find out the status of any Door County property.
Just because a home has been on market longer than a few days doesn't mean anything is wrong with it or that it's overpriced. All of our listings get good activity, but sometimes the right property doesn't hit its target market. Also, some homes have been difficult to show during the pandemic, and even with photos and videos, before someone spends hundreds of thousands of dollars, they WILL want at least one actual viewing, whether it is at the home inspection or otherwise. We've also had issues where an Offer has been written, word goes out that it has been accepted, but then something changed: financing didn't go through because someone was furloughed, or something changed with self-employment (which has more stringent standards for qualification).
What we CAN tell our Door County Buyers is to be patient--we will let you know what is new and what is still available. However, Buyers should also be fully prepared with cash or pre-approval (so very vital to getting an accepted Offer), and be ready to act fast. Also, with so many Offers being written OVER full price, remember--it is a true Seller's market. Writing an Offer $50,000.00 or even $10,000.00 below asking price is not going to cut it in this housing market with residences, new builds and resale condominiums (there might be some negotiation leeway on vacant land, unless it is land for sale in Sister Bay, Baileys Harbor, Ephraim or Fish Creek, where inventory near the downtown areas is nearly non-existent.
So how does a Buyer get the edge in a hot market? If you are looking for Door County properties for sale, visit me at moredoorcounty.com and also see my featured Door County listings. We currently have single family homes that are AVAILABLE for sale in Sister Bay, Ellison Bay, Fish Creek and Baileys Harbor, as well as condominiums for sale in Sister Bay and Egg Harbor. Contact me to learn more today.
Buyers are working in a Door County Seller's Market---I'll do everything I can to help you prepare, get the edge and to find the perfect Door County property for sale that works for your unique circumstances!
Door County Housing for Sale: It's a Seller's Market
Comments(6)