By Living Room Realty, May 18, 2020
I just helped a great friend of mine purchase a home in inner SE! That’s the good part. The weird part is that we’re in the middle of a global pandemic and they still had to offer $115,000 over the listing price. Granted, the home was criminally underpriced, but 19 offers came in and it drove the market up. Thanks to being the first offer in and really great communication with the listing agent, we got it secured! The home ended up appraising and they’ve happily moved in. That’s the good part!
That story is not happening as often as I’d like it to. We’re working with a huge number of buyers all looking for a chance to anchor down during these times. Due to an extreme lack of inventory and low interest rates, this is becoming extremely hard.
The lack of inventory is easy to explain. People are nervous about opening their homes to the public. I would be. I sure as shit wouldn’t want a bunch of randoms waltzing through my home right now. And a lot of people don’t have the means to vacate their home for an extended period of time in order to clear the way for buyers. And say they did and their home goes pending quickly. Awesome! Now they’ve just a huge buyer pool all looking for the same home that isn’t actually available. It’s a vicious cycle.
BUT buyers are still doing it. A lot of people thought this pandemic would slow the market down and buyers were thinking “this is it! This is my time to get a deal!” The opposite has happened and you really need to be a motivated buyer to make it in this market. Pretty fucked. But at least my buyers are happy!
