Friday, January 31, 2020 / by Loren Foxx
But what does this mean if you are a buyer?
First of all, it means you need to be ready with a Realtor. Don't get caught unprepared. If you snooze, you just might lose the home of your dreams. If you have signed a buyer agency agreement with a Realtor, she can call you in the middle of the night and say "hey, I found the perfect place, see you there at 10 AM." But once you've done that, you need to act quickly. Don't count on back and forth with a seller. If they have multiple offers, they will simply take the best one for them.
Make your best offer upfront! Don't wait for someone to beat your offer. In 2005, sellers got 99% of their asking price; that dropped to 94% in 2009. Not to mention, the time a home stayed on the market more than tripled, from an average of 5 months to 18 months. Now, sellers are back to getting over 99% of asking, and homes are only on the market an average of two months.
The moral of the story: find a Realtor you like if you're interested in purchasing a home. She will be able to scour newly listed items and find something for you. And once you find it, in the words of Cobra Kai: "Strike first, strike hard, no mercy." :)
Listen to our podcast episode that discusses this here.