Many market segments seem to be favoring the seller. Multiple offers are making it tough for a buyer to get an offer accepted on a home that they have spent time locating. Does this mean that buyers should give up or that sellers can sit back and watch offers come fast?
Buyers are still making offers on homes that show well. Sellers should paint and complete a punch list before showings. Pricing is critical. The best situation is receiving a fair offer where both the seller and buyer have acted in good faith. Sellers with multiple offers have some very difficult decisions to make in selecting the "best" one. It means disappointing the other potential buyers...it means that you still need to close to really be a solid sale.
Does it mean that buyers are paying top dollar? Buyers paying cash might get a deal for a few less dollars. Buyers with conventional financing have a lender requiring an appraisal to affirm that the sales price is accurate. FHA and VA buyers have the same appraisal requirement and have certain criteria for a home to meet minimum standards. Loan rates make homes affordable for most buyers.
Buyers are still making offers on homes that show well. Sellers should paint and complete a punch list before showings. Pricing is critical. The best situation is receiving a fair offer where both the seller and buyer have acted in good faith. Sellers with multiple offers have some very difficult decisions to make in selecting the "best" one. It means disappointing the other potential buyers...it means that you still need to close to really be a solid sale.
Does it mean that buyers are paying top dollar? Buyers paying cash might get a deal for a few less dollars. Buyers with conventional financing have a lender requiring an appraisal to affirm that the sales price is accurate. FHA and VA buyers have the same appraisal requirement and have certain criteria for a home to meet minimum standards. Loan rates make homes affordable for most buyers.
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