Agents say Real Estate Market is “hot” for sellers
Posted: Apr 8, 2021 / 4:37 PM EDTUpdated: April 8, 2021 / 5:40 p.m. EDT
The real estate market is currently booming, but especially for sellers. It is a good time to sell your home, but you may find it difficult to buy a home.
Realtors say there aren’t enough homes in the market for the number of buyers.
“The market is extremely hot,” said Kelly Williams Realty Associate Broker, Jeff Burke. “We have a low inventory, which puts almost every house in a bidding war. As long as the price is right. ”
There are about 300 active property listings in the greater Lansing area, but a typical market has about 1200.
Remax broker Rob South says the pandemic played a role in the market.
“After the pandemic, we saw the numbers go down significantly and I think people are, for the most part, uncomfortable selling at the moment. So you don’t want to sell, ”said South.
Most of the homes that are for sale cost a lot more than their list price.
“There are more people looking at fewer homes, which drives price, supply and demand up,” said South.
Another reason people buy houses during this time is because of the very low interest rates.
“They have historically low interest rates where you can buy more home for little money,” said Burke.
In this current market, agents say you have to bring your “A” game, you have to be quick or you will miss it and make sure it is your best offer.
Some homes receive offers between a few hours to a few days after they are put on the market, and some even receive offers before they are put on the market.
“When a house comes on a market, you have to get in that day or the next, and you really can’t hesitate,” said Burke.
South says this is the best time for prospective sellers to sell your home, but don’t overdo it.
“A good buyer will see through this, yes, but this house is not really worth what they are asking, and people are not going to bid on this house,” said South.
According to South, when you bid on a home, you should know the difference between list price and market value. He says buyers are not paying too much above market value if they are paying above list price.
“Just because you’re paying 10 or even 20% above list price doesn’t necessarily mean it’s not the market value of this home. It just means that you are paying above list price. “
Burke’s advice to buyers, don’t be discouraged.
“I firmly believe that the house will be your home when it is meant for you.