Your Buyer's Market Changed To A Seller's Market....Right In The Middle Of Your Real Estate Experience
Multiple offers mean one thing it is now a SELLERS MARKET! Forget what you hear from the media here in So. California is its own RE market. Low ball offers are not getting accepted! You have to be competitive if you want that house!
Your Buyer's Market Changed To A Seller's Market....Right In The Middle Of Your Real Estate Experience
Part of my responsibility to my clients....sellers and buyers...is to touch base periodically with Mission Viejo Real Estate Market News. The one thing that is constant in real estate is that it changes all the time. If your agent can't tell you what is going on in the real estate market TODAY, you are not working with the right agent.
Real estate is more than yard signs and unlocking doors!!! This is so important! Local and state laws and ordinances, market trends, national news...so much more goes into factors which affect your home purchase or sale. A big part of our job is to know the changes and relate them to the client.
So I like to reach out to my active clients on a regular basis about what is changing in the market. In Mission Viejo, we are suddenly working within a seller's market....do you think this might affect the buyers and sellers? You bet it will.
When the market shifts to a multiple-offer market....it's very important to adjust how both buyers and sellers respond. My Mission Viejo Sellers might want to consider a re-list to boost visibility....and perhaps a different list price. Brace yourself...they might want to list higher. Comps and comps, and when the market shifts to a seller's market, prices tend to go up. Perhaps the best course of action is to re-evaluate the list price. We might suggest that the sellers take the home off the market for a couple weeks, maybe repaint or replace the carpet, and then re-list...at a higher price.
In a multiple-offer market our Mission Viejo Buyers need to respond differently also. They do not have the luxury of "thinking it over for a few days." If we've been working with a buyer for awhile, this could be a real change for them. I like to review the current days-on-the-market stats for the homes they've been looking at and help them understand the change. I need them to realize this fact so they do not miss a great home because they've been able to view homes a few times before deciding to offer. I also want their cooperation in making sure the file is always updated so that we are not held hostage to a mortgage broker who is gone over a weekend.
Regardless of whether you are an active Mission Viejo Buyer or active Mission Viejo Listing, if the local real estate market makes a shift, it's important that you are aware that the environment has changed. One way to do this is a periodic market review with our clients...buyers and sellers.
Karen Fiddler
Broker/Associate
The Fiddler Realty Team/eVantage Real Estate
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