Expert Advice from Amy & Kyle Bergquist
The 2021 real estate market is ultra-competitive for buyers in basically all price points below $700,000. Houses are regularly selling above the asking price, and in some cases well above. Our analysis of first quarter closings found that 51.5% of the single-family sales closed over asking. April was even more dire for buyers as 65% of deals closed over asking. The table below also shows that the median winning bid in the deals that closed
Opportunities often arise when a market is out of balance. Right now the real estate markets are severely out of balance with far more demand for housing than supply. Part of our job as real estate advisers to highlight and explain these opportunities. Sellers currently have the upper hand in the market, and therefore the opportunity. However, slight variations in the current environment mean that this is a more valuable opportunity for some owners than
I reviewed my files this weekend and I’ve represented clients in 7 multiple offer situations this year, 2 assisting sellers and 5 assisting buyers. That’s quite a few for what is supposed to be a “slow” year. The one common thread for all of these properties was that they were well priced. Some of them were priced well right out of the gate. Some of them got to the eventual right price via price reductions.