Sellers are Receiving Multi- Offers in Lancaster, PA !

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/59Dv

Bidding Wars Abound… How Long Will They Continue?

Bidding Wars Abound… How Long Will They Continue? | MyKCM

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.

Buyers , you need Representation ! Today a Realtor will use their skillset to help you have the greatest chance to win bidding wars ! Email mikeperrykw@gmail.com to schedule a conference.  

 

 

 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

   facebook  Google me  Find us on Google+

Longtime West Lampeter resident and Lancaster County Realtor!

SUBSCRIBE TO MY BLOG VIA EMAIL

Enter your email address:

Delivered by FeedBurner

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Pennsylvania Lancaster County Lancaster Willow Street
Groups:
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
Keller Williams Realty Referral Group
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
bidding wars
buying a home
buyer consultation
advocate
buyer agents
obtaining a mortgage
my first home
buyer strategies
multi offers
west lampeter real estate news
penn manor real estate news
solanco real estate news
prices head upward

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
138,253
Susan Hale
Re/Max Realty of Defiance,Inc. - Defiance, OH
Re/Max Northwest Ohio Realtor

It is definitely multiple offers in Northwest Ohio too!!  

Feb 01, 2018 09:31 AM #1
Ambassador
3,501,337
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

We're seeing the same in the Charlotte area too Michael. Those homes that are updated & priced right are making buyers highly competitive in our low inventory market.

Feb 01, 2018 12:19 PM #2
Rainmaker
1,856,382
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Now at 200 views !

Mar 09, 2018 08:13 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,856,382

Michael J. Perry

Lancaster, PA Relo Specialist
Ask me a question
*
*
*
*
Spam prevention