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by Sheldon Rosengarten with Marx-Bensdorf, REALTORS® Broker; REALTOR® Emeritus (Recognizing 40 years of service); Life Member, MAAR Multi-Million Dollar Club
Real estate has evolved and changed over the years to a point where, today, it’s almost like a race.
For many buyers, this can include reviewing listings as soon as your agent sends them to you or constantly refreshing online sites to search for new listings. When you find something you want to see, you and your agent schedule a showing as soon as possible to try and beat everyone else. Then, if you like the home, you make an offer, hoping your “highest and best” will actually be the best - and that you won’t get beat out by cash buyers who waive appraisals and do not ask sellers to make repairs.
The current market boom and lack of inventory has added a level of urgency to the homebuying process. In fact, the Memphis Area Association of REALTORS® recently reported that 1,929 homes were sold in October of 2021 as compared to 1,835 in October 2020.That's a 5.1% increase. What's more, the median sales price went up 10.3% in October 2021 vs. October 2020. The average YTD sales price in 2021 is 10.9% higher than in 2020.
So, what does this unprecedented seller’s market mean for those wanting to list their home?
For sellers, hearing that most properties sell quickly at crazy prices can be a lot of pressure and may result in disappointment if your house doesn’t sell quickly. For buyers and sellers alike, it’s all about preparation and presentation. Sellers should be aware that many buyers want a move-in ready home with minimal or no repairs needed. De-cluttering and neutralizing while providing more vacant spaces, rather than your furnishings, can remove visual and mental obstacles for potential buyers.
For buyers, being pre-approved is critical but your choice of lender also comes into play. And, seeking alternative, uncomplicated methods of purchasing may allow for the easiest path for a seller to accept your offer. While not everyone can arrange a cash purchase, there are methods to leverage that format, whether it’s family gifts (or loans), cross-collateralization or fee-based cash services.
The overall consideration in buying or selling a home? Simpler is better. People will choose paths of least resistance and that should be your guide.