The real estate market is seeing some crazy times.   

Being in the real estate industry for the past 27 years, we will say the market is seeing some radical changes. We are all experiencing inflation in all aspects of our lives, and in the real estate industry inflation is no exception.   

So, how do we go about buying or selling a home in today’s market?

Supply and demand are the largest driver for real estate prices. With interest rates at an all-time low, buyers saturated the market and thus came the low supply of homes driving the prices up at record levels.   

Buyers today are many times frustrated when it comes to finding their dream home. Buyers are coming in with offers and many times are being out bid. Years ago, putting in a full price offer on a home the buyer was almost assured of getting their offer accepted. Today, if it is a home that is hot on the market, the buyer may have to be ready to put in offer way over the asking price. But is it going to appraise for the value? The buyer will have to be ready to dig into his pocket if it does not appraise. Is this wise? I guess it depends on how much he wants the home. But cash plays a big factor into the game of paying over the asking price.  We are seeing cash buyers today, even in higher priced home. 

The Lake Country market is seeing the cash buyers ready to pay high prices. This area is unique and drawing buyers from all over the United States. Lake property is at a premium and buyers are paying top dollar. 

Sellers, it is a great time to sell your home.  However, there are many factors to consider when pricing your home. We are finding that with the vast number of new homes being built in the area the resale homes are feeling the competition. Buyers will compare a new home to a resale with an open eye. When buying a resale, the age of the roof, A/C unit, and repairs needed will play a big factor in choosing between a newly built home or resale. In golf communities, amenities offered and price they pay to enjoy the amenities will play a big part in their buying decision. Sellers should consider all these factors when pricing.   Homes are selling fast, but buyers are willing to pay the price for the home that fills their needs.  

Only time will tell what the Real Estate market will bring in 2022. There are many factors that play into the equation. Stock Market? Interest Rates?              

• According to a Gallup poll, real estate has been rated the best long-term investment for eight years in a row. (Keeping Current Matters)

 

• Real estate tops the list because you’re not just buying a place to call home – you’re investing in your future. Real estate is typically considered a stable and secure asset that can grow in value over time. (keeping Currant Matters)

 

THOUGHT FOR THE DAY: Always believe that something wonderful is about to happen!

 

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