March 2022 Market Update
With a record month for the number of sales in any given month, March 2022 is in the books.
There was an increase in the inventory that came to the market. However, buyers who have been waiting and possibly fighting for other homes quickly acted on these homes as the inventory still decreased overall. There is a strange phenomenon happening in our market regarding the pricing of homes.
SELLERS: When considering going to the market now, many sellers see some of the latest prices and think they can price their home 2-5% above the latest sales numbers and then wait and negotiate with a buyer to get that same sale price. The opposite is happening, and in most cases, sellers cannot sell this way. It doesn't work in this market,️ even though it was the way to sell your home before.
If you consider selling, you need to build in the natural 'battle price range' for buyers. Buyers right now are used to writing alongside other buyers and going over the asking price. If your home is priced above what others sold for and looks high (because you did price it high), these buyers have nothing to fight over and aren't willing to go that high without another buyer competing for your home.
BUYERS: We all know you are tired of the hunt‼️ Offer fatigue is real, and believe us when we say we feel it too. However, there is hope. Many sellers are coming to the market with the mindset I outlined above and are open to negotiations, which may be your opportunity to be the only offer, negotiate with a seller and find a great home. Otherwise, keep fighting the intense fight.
Have your mortgage info and letters all ready to send to the sellers. Have a template of your 'love letter' to the seller ready, and above all, have a killer agent helping you who knows how to hustle and win. You will find a home. We promise! More homes will be coming on the market daily, so be ready.
Posted by Jared Chamberlain on