It’s a Sellers’ Market!

It’s a Sellers’ Market!

Good news for home sellers!

In a recent real estate report, it’s been found out that the gap between the asking price and the actual sales price has been becoming narrower. As a matter of fact, a house would usually be sold for 98.3 percent of the asking price, a significant increase compared to the 97.1 percent in January 2011.

With this good news about the housing market, homes tend to be sold faster. In some markets, one in five homes sell within seven days of being listed and it’s starting to become increasingly common for one seller to receive multiple offers almost right away.

But it’s not just the sellers who should delight in this news. Buyers can also delight in the fact that if homes are selling faster, then buyers would face lesser risk of losing money on a home purchase thanks to the steady home prices.

ZipRealty, an online brokerage and housing data firm, credits this positive news to the “limited inventory of homes on the market and low mortgage rates”. This makes it easier for buyers to borrow from lenders and pay close to the seller’s asking price.

However, despite this trend, both sellers and buyers should be wise not to misuse this data. For example, it doesn’t make sense for a seller to stubbornly hold on to an asking price if it’s unreasonable. Nor should buyers think that they should pay close to the asking price without negotiation as well. Instead, it’s in the best interest of both parties to review the recent sales of comparable homes in the past few months in the area and have an accurate assessment of the property’s current value.

Both buyers and sellers should also put their trust in a competent and experienced real estate agent who knows the market both inside and out.

So take advantage of this positive shift in the market now! Whether you’re a home buyer or a home seller, rest assured that Great Florida Homes Team will be able to meet all of your real estate needs.