Are you planning to purchase a home this spring? Because of the strong seller’s market we are in, today’s buyers cannot shop for a home with the same expectations as in years past. 

Before our current seller’s market, buyers would usually bid at a lower price, and then both parties would typically negotiate on a price that fell between the seller’s initial asking price and the buyer’s lower bid. 

For buyers, unfortunately, that is not the way today's market operates.

Today’s Real Estate Market

If you follow the real estate market even the slightest, you know that today’s market looks completely different from just a few years ago. According to the National Association of Realtors (NAR), currently, the average home sells in 17 days and receives 4.8 offers. March of 2018 saw houses on the market for an average of 36 days, and 21% of sellers offered incentives such as paying for closing costs, warranty, or remodeling. 

IMG_0198.     Source: rocketmortgage.com

In today’s market, the list price is often the lowest number a seller will accept. Knowing this before setting your heart on a particular home is essential. Make sure you stick to your budget even if you are preapproved for more than your budget can stretch. If you are preapproved for more than you can realistically afford, it can be easy to offer more for a home, especially when you have fallen in love with the property. Know when to walk away from negotiations. Your realtor will help you choose the amount to offer. 

According to The Mortgage Reports, experts advise offering between 1% to 3% over the asking price when involved in a bidding war. Redfin reports that in early 2022 the average home sold for only 1.3% over the list price. 

IMG_0199.             Source: bankrate.com

It is disheartening to walk away from a home that you truly want. Understanding the current real estate market is essential to devising a successful offer. To craft an offer that sellers will accept, you must work with a seasoned real estate agent – an agent who draws from their experience and knowledge of the housing market. An accomplished agent knows how to make your offer rise to the top.

A Winning Plan

An expert in the real estate industry understands what is happening in today’s market and will help you make an offer that will stand out from the crowd of buyers. 

IMG_0200.            Source: moneycrashers.com

If you are ready to begin searching for your new home, let’s work together and orchestrate a winning plan. 

 

Khalil El-Ghoul

"Thanks for reading! I’m passionate about empowering home buyers and sellers with professional advice and unbiased information, throughout the real estate transaction. Unlike most agents, I always put clients first. When it comes to negotiating, marketing homes, and sealing the deal, I’ve got the experience and knowledge you’re looking for. If you have any questions about moving to VA, D.C., or MD, don’t hesitate to reach out."