After several weeks of few showings, several financing hurdles, appraisal struggles, and an overall strange lull, an unusual turn in the real estate market seems to have taken place! Just a few short weeks ago it seemed as if buyers were holding sellers hostage with low offers, repair demands, and threats of walking away. Are we suddenly seeing the tables turn before our very eyes?
All of a sudden many buyers are actively searching homes for sale, researching comparables, and aggressively familiarizing themselves with the current market place. But oddly enough, they are not alone! Believe it or not, the term ‘multiple offers’ has reentered our real estate vocabulary recently, and is becoming a common situation for sellers. That’s right, it appears that we may have too many buyers and a shortage of desirable inventory!
Sellers may have slightly regained the upper hand in today’s market, but are still faced with the dreaded APPRAISAL. Financing has become more difficult to navigate though, for both buyers and sellers trying to get to that precious finish line. More and more we are seeing buyers deciding not to finance their purchase, but pay cash instead. Cash buyers have been popping up here in our Mid-Willamette market, increasing sale prices in multiple-offer situations… and being victorious! Definite incremental increases in home values have been the result, reminding appraisers that the true meaning of the real estate market is what a buyer is willing to pay & a seller is willing to accept!
This surprising uproar with multiple offers, low inventory, and cash buyers has created quite a frenzy…which gets me back to thinking… Is This A Confident Market?!