Archive for October 2020
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Buying A Home In An Under Supplied Segment Of The Market |
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 There are plenty of segments of our local housing market where it is HARD to buy a home right now. There are waaaaay more buyers than sellers in the market and the process of trying secure a contract on a house can be frustrating, depressing, infuriating, aggravating...I could go on. Even if a home buyer...
...they might still not get the house. After all, well prepared buyers in this market will do all of these items. And if there are (for example) 20 showings in the first two days that a house is on the market -- and eight offers by nightfall on that second day -- it is likely that there will be several other very strong offers from very eager buyers. And in the end, the seller can only accept one of the multiple acceptable offers. So, when getting the call (or text or email) letting you know that your offer was not accepted -- recognize that you might have done everything possible to buy the house -- and have made a very reasonable strong offer to purchase it -- and the seller might have been very willing to accept your offer -- except that there were multiple similarly strong offers for them to consider and they only have one house to sell. In the end, I'm not entirely sure how to console such a buyer in today's market... I guess the lesson learned is to keep trying for that next house, with the same strategies, and hope that if your offer is as strong as it can possibly be but is competing against other similar strong offer that hopefully the seller will choose you as the winning buyer the next time. Sorry buyers, it is a somewhat heartbreaking time to try to buy a house right now in some segments of our local market. | |
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Selling A Home In An Under Supplied Segment Of The Market |
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 Nobody needs to feel bad for a seller of a home in an under supplied segment of our local housing market. After all, they are likely to sell their house quickly, and for more than the list price. But...it's not all sunshine and roses... 2. These sellers practically ought to go on vacation for a few days as they are likely to be run out of their house from sun up to sun down with showings. 3. When the offers start pouring in, with touching introductory cover letters and heartfelt pleas from buyers to accept their offer, sellers will quickly realize that by saying "yes" to one buyer they will be saying "no" to quite a few others. On the bright side, though... 1. These types of homes are likely to go under contract quickly, ending the constant parade of buyers through the house. 2. The lucky winning buyer is likely to be gentle on any sort of repairs request as there will likely be multiple alternative buyers waiting in the wings if the primary buyers do not want to move forward based on the home inspection. 3. Homes in an under supplied segment of the market are likely to sell for more than the list price. So, it's not all good, but it is certainly NOT all bad to be selling in an under supplied segment of the local housing market! | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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