Real Estate Norms in Today's Market
What is happening these days in real estate? Angie keeps us up-to-date on what you can expect when buying or selling a house in today’s market.
Change is something you can always count on, and things are changing right now in the real estate market. Let’s talk about the new norms in real estate, according to a recent article in Realtor.com. Does Angie agree with these in terms of what the Triangle area is seeing?
Sellers used to expect bidding wars, but the new normal says you can’t expect that anymore. Angie shares what some recent home sales from her team have looked like. Where things are at now is incredibly different than what it was a mere two to three months ago. Don’t expect multiple offers anymore. Alongside those bidding wars, getting over asking price is less likely these days as well.
In the recent past, buyers were willing to waive contingencies. Are those contingencies back in action? Angie says it really depends on what kind of contingencies are set up. Remember, what’s happening in other markets is not always the same as what’s happening in the Triangle.
Homes were selling within days before, but now, things are starting to slow. As a seller, you might not want to assume your home will sell immediately. Working with an agent who is active in the market will help you navigate this.
Nowadays, homes need to be showroom ready. Get it staged in order to help it sell well. No longer can you just list a home in whatever shape it is already in. Make sure it’s ready to sell and not only that, make sure you’re ready to move out. Leasebacks are no longer a given.
Listen to the entire episode or skip ahead using the timestamps below.
0:38 - What are the new norms in real estate?
1:13 - Are bidding wars still happening?
2:21 - Over asking price is less likely.
3:03 - What’s happening with contingencies?
4:29 - Homes won’t sell as fast.
6:40 - Homes need to be showroom ready.
7:51 - Leasebacks are not to be assumed.
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