If you've heard anything about the real estate lately you've probably heard the words "crazy!" and "seller's market". It's true. We are in a seller's market. So what exactly does that mean? Let's break it down. 

A seller's market means there are a low inventory of homes on the market and a strong number of buyers looking to buy. Specifically, a seller's market is when, if no more homes were added to the market, it would take less than 6 months for all of the current inventory to be gone. Anything under 6 months qualifies, but in this market, it's closer to 1 month. 

So what does this mean for you? If you currently own a home, you can get more money for it than ever before! A typical appreciation we see in a more normal market is about 5% a year. In today's current market, your home is appreciating by approximately 2% a month! Think of all of that equity you have gained. Now is an excellent time to list your home. If marketed correctly, you can expect a shorter time on the market, potentially multiple offers, and a lot of power during the negotiations. 

Okay, okay, so what if I'm a buyer? Should I wait for the market to calm down? Let me tell you this. IT IS ALSO A GREAT TIME TO BUY! Read that again. Interest rates are really low right now.  This gives you more buying potential than you've ever had before! Plus, if you're also selling, think of all that equity you can put towards your down payment, and potential money in your pocket. 

We have a weekly sales meeting where we discuss the market and study trends of what is happening. We do not foresee the market "crashing". Many people believe this will happen, but the circumstances are so much different than the crash of 2008. Yes, appreciation will slow down, but it won't be the crash everyone is remembering from the past! So if you're waiting....you will most likely end up paying more. 

Here are some tips to help you out as a buyer in this competetive market and make your offer stand out. 

1. Offer an appraisal gap if possible. If the home happens to appraise below what you have offered, offering to bring the extra cash can boost your offer. We have seen this work many times! 

2. Offer to accept the property "as-is" This means you still have the right to inspect the property, but you're committing to not asking for any repairs. A lot of sellers are not willing to do repairs right now, so they are looking for offers with this option. 

3. Listen to your realtor! Like I said above, we are in the market day in and day out. We are here to help you and offer the best advice possible. Find someone you trust and let us go to work for you! 

Stop living in a home that doesn't work for you because you're waiting for something that is unlikely to happen. You're losing money by waiting! Let's navigate this market together and get you in your dream home!