Breaking Down This Crazy Market and What It Means For You

Dated: May 14 2020

Views: 265

You may have heard several things about the current market. For example, "This market is crazy right now - It's a strong seller's market - Homes are selling for more than they ever have - We have put in several offers and haven't gotten one yet." 

So what does this mean for you? I'm going to break it down into what it looks like for you as a seller and then as a buyer. 

Sellers:

It's true. We are in a seller's market. This means that inventory is low (not a lot of competing listings), days on the market is low, and price per sqft is higher than it has ever been. This means, less time having to deal with keeping your house clean and leaving for showings, and more money in your pocket. Who wouldn't be happy about that? In the Norman, OK Market last week we saw 74 homes get listed and 86 went under contract. 

That being said, if you've been thinking about listing your house, I would love to chat! Now is the perfect time. 

Buyers: 

For buyers, it makes the process a little more complex. One word of advice I would give would be if you find something you like put in a strong offer and cross your fingers. Okay, maybe it isn't quite that scary, but we are seeing several multiple offer situations. 

This means, a couple of things. First, if you do find something you like you should be prepared to make a strong, solid offer. Yes, real estate is a world of negotiating, but the power really isn't in your favor right now. If you like the home enough, make a strong offer. You've got to be willing to have skin in the game. This isn't to say you're going to be paying an outrageous price for a home. Have your realtor do the research to make sure you are within fair market value. 

Secondly, be aware that you may not get the house. Like I said, there is a lot of competetion right now and chances are you may lose out on one. 

It really isn't as scary as it sounds! We are working with plenty of happy and satisfied buyers right now who have found the perfect home for them. Also, here is some great news if you're a buyer right now. A lot of seller's delayed putting their home on the market during the quarantine timeframe. Now that we are starting to come out of that. We are seeing good, quality homes get listed everyday. I am sure we can find one that you will love and I will guide you through the process on how to put our best foot forward to get you into it. 

As always, if you're thinking of buying or selling please reach out. I would love to chat! 

Blog author image

Lauren Biesemeyer

I was born and raised in Guymon, OK. In 2012 I moved to Norman to attend the University Of Oklahoma. I fell in love with Norman and the Oklahoma City area and decided to call it home. After graduating....

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