2022 - Is it 2021 all over again?
2022 is starting off as 2021 ended, too many buyers, chasing too few properties for sale. I am beginning to think that sellers are reluctant to list their homes because they see the rising prices and wonder how they will afford their next home. It is a problem and compounding the price rises, as multiple offers are the norm. My advice is to stay calm, and just be sure to have all your ducks in a row. Listing agents and their sellers are more and more asking for watertight contracts, they are taking cash offers from investors and corporations, often with no inspections and quick closing times. I have worked with buyers who are continually frustrated with this. Younger buyers, who are of a generation that is used to fast transactions, are hit the hardest. Not only are they seeing their percentage deposit shrink as prices rise, but they can't get traction on a deal. I recommend considering a fixer upper, which in the long run can be a better buy. Financially savvy buyers are looking at homes with work to be done rather than pay for an updated home, done by the seller or investor, usually with a premium on it. If it is a long term proposition, first time home with room to grow a little, then this can put less strain on the pocket in the short term, and reap a better reward over the life of ownership. Plus buyers get to have what they want instead of taking that shiny new, but not favorite design kitchen and bathroom. With 19+ yrs selling real estate in the greater Tampa Bay area, I have seen this market before, it is challenging, but can be overcome. Don't give up, call me!