Buyers in the Cedar City, UT, real estate market are discovering that patience is required to buy their home. Buyers who have succeeded testify that home ownership is worth the wait and effort. I agree.
Is this a trend in other parts of the country. Please let me know. I believe the market is turning around. Do you?
Multiple-offers are coming in on homes under $150,000. Some are selling above list price and above appraisal. Buyers are disappointed when they lose the bid on the home they like to another buyer who offers more. Buyers may have to try several offers on several different homes before they succeed in winning the race for the right home. I believe they will always be glad they did.
It is my opinion that buyers who pass up the low prices and low interest rates in this real estate market will kick themselves in the future. I believe millionaires can be made in real estate by buying low and hanging onto their homes and rentals while the market goes up.
We recently sold a home that was listed under $120,000 for $4500 above list price. There were buyers all wanting the same home. Once a buyer misses out on his dream home several times, he is happy to pay the price to get his home. This buyer is thrilled with the purchase.
With interest rates so low, the monthly payment can often be below rent even if buyers do pay more than appraisal for their home.
It's important to remember that when prices are on the rise, the appraiser has to look at sold comparables in the past 6 months to establish appraised value. He can't use future higher sold prices until the sales close. Since the home is actually worth what the buyer is willing to pay, the appraised value is actually higher than the appraisal can justify in my opinion.
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