Sellers Market is Heating Up for Spring 2015

Sellers Market is Heating Up for Spring 2015

I read an article this morning from housingwire.com and it tells the story of a recent open house in Boston that was so popular that cops had to be called...What??? What did the agent do? Or what did the buyers do? Or was it the sellers? Well...all the above. The culprit was the housing market itself.

Catherine Luther's open house was so successful that neighbors had to call the

 cops because buyers were blocking the flow of traffic. Next day

she requested the assistance of an authority to direct the traffic during her open house.

This is truly the perfect storm...or to be more accurate... a national global warming of 2015 housing market. With interest rates so low and its expected rise after the middle of the year, many buyers are now actively searching for their dream home. We are seeing multiple offers, escalations clauses, limited contingencies...it seems like 2007-2008 all over again. But there is a big difference this time around. Lending are stricter and many of the purchases are cash offers. Buyers are qualified to purchase, but there just isn't enough inventory to go around, hence, it is not unusually to see accepted offers way above the asking price. Buyers realized that their opportunity to get in the ground floor of the best deals of this century is about to expire. The economy is on the rise, employment is on the upswing, home prices are appreciating monthly and interest rates are also rising. 

So if you are a buyer and considering purchasing in the near future...don't wait any longer. Utilize the services of a local agent who will represent your best interests in this seller's market. Be prepared for a longer turn around time from your lender...as they are super busy.  Get conditional pre approval from your lender. If you find the home of your dreams...don't hesitate to put in an offer right away. Due your due diligence and be prepared to offer more than its market value.

Not all open houses will attract 100 buyers within the first 45 minutes as it occurred to Catherine Luther in Boston. However, it will take an experienced and knowledgeable agent to make your offer stand out above the crowd. Allow the Eastvale Team Realty to work for you. They can be reached at eastvaleteam@gmail.com .

Sellers Market is Heating Up for Spring 2015