One of the great things about real estate is that every market has pros and cons for each side of a transaction. In real estate, we call a change in these aspects a “shift.” Right now the market is shifting. You have probably heard many negative aspects of this shift from the news. We thought we would give you some of the more positive aspects of a shifting market.
During the COVID market, it was uncommon for buyers NOT to be in multiple-offer situations within only a few days of the property being listed. This meant to get their offer to stand out and be accepted, buyers were forgoing home inspections, and attorney approval timelines, and often accepted a home in “as-is” condition. It also meant that buyers with home sale contingencies or less preferred loan types often struggled to have an offer accepted.
A home sale contingency is necessary for some buyers who have to sell their current home to purchase their next home. The contingency allows the buyer to receive their earnest money back and terminate the contract if they are unable to close on their own home within the agreed-upon time. A lack of home sale contingencies kept some people from being able to purchase their next home.
As home prices stabilize, multiple offer situations decrease and the number of days a home is on the market before receiving an offer increases, buyers are finally getting some space to breathe. Loan types such as FHA and VA have some additional requirements and are often not chosen in multiple offer situations. Buyers with these loan types are again able to enter the market.
Especially during a changing market, there is no one-size-fits-all principle for having your offer accepted. Talk with a local agent who is involved daily with the market and knows minute-by-minute how to consult you in the best possible way.
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