Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers


Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers
By Scott Rogers • May 24, 2023
In 2021 and most of 2022, it wouldn't be surprising to see these type of offers... [1] price escalates $50K above asking price [2] no home inspection [3] no appraisal contingency [4] will pay up to $20K over appraised value This was also in the context of often having 5+ (or 10+) offers within the first 48 hours a house was on the market. Right now, we are still often seeing multiple offers within the first 48 hours that a house is on the market -- but it is often 2 or 3 offers -- and not 5 or 10. Furthermore, current offers (in many but not all price ranges, locations, etc.) are more along these lines... [1] price escalates $5K to $10K above asking price [2] yes, I'd like an inspection contingency, please and thank you [3] contingent on the property appraising at/above the contract price [4] no willingness to pay more than the appraised value Now... don't get me wrong... these terms are still very favorable for sellers. Many or most sellers are still likely to have more than one offer from which to choose, and they are also relatively likely to sell for more than their list price -- but they are likely to see inspection and appraisal contingencies in those offers. As such, it seems that buyers are drawing the line (of how far they'll go on an offer) in a more rational place -- perhaps because of higher mortgage interest rates and the accompanying higher monthly mortgage payments. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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