- The current real estate market is experiencing constrained inventory.
- 3 things to include in a winning offer in multiple-offer situations.
- Sellers should work with experienced agents to yield top-dollar for their homes.
Currently, the real estate market is experiencing a constrained inventory, with more buyers entering the marketplace every week. We continue to see multiple offer situations at every price point. Since the pandemic first began, we’ve had an unprecedented market. Historically, the market has had a predictable cadence, and we know that inventory tends to open up as the weather breaks. We hope that trend continues this year.
Tips for Buyers
In this competitive market, it’s critical you work with an experienced and knowledgeable agent. At Thomas | Riddle, we’re fortunate to have the exposure of 100+ transactions annually that help us come out on top in multiple offer situations. We have real-time information on what offers win because we work on both sides of the transaction.
Due to the constrained market, we’ve seen an increase in multiple offer situations on homes. If you’re in a “bidding war,” we recommend these 3 things to include in your offer:
1. Over list – by this, we mean that your offer should be over the seller’s asking price
2. In your offer, agree to purchase the home as-is (with rights to inspection)
3. Appraisal gap coverage – in the event the appraised value is below the agreed-upon purchase price, the buyer will bring additional funds to closing to make the seller hold
Multiple offer situations can seem complicated and tricky to navigate, but being an established top team in Central Ohio, our ultimate goal is to aid our clients every step of the way. Regardless of the price point, sound advice and experience are more critical than ever in this competitive environment.
Tips for Sellers
The current market is one of the best markets, if not THE best market we have ever seen for Central Ohio sellers. However, it’s important to remember that your home must be well prepared for the market and priced correctly to yield top dollar. There is a misguided tendency in a seller’s market to overprice a home or not prepare a home appropriately for the market in hopes that the low inventory/high demand will overcome those misgivings. It doesn’t. While we’re in a high market, taking advice from experienced realtors is still essential.
In a hot market, your biggest enemy is days on the market. Sellers should remember that along with a hot market comes new challenges with regards to becoming stigmatized. If your home is mispriced or unprepared and sits on the market for a couple of weeks, it will become stigmatized, and you will ultimately yield less. A couple of weeks in a hot market is like a hundred days in a regular market. Whether you’re trying to sell your home or buy Thomas | Riddle is here to help our clients through every step of the transaction.
Columbus Housing Shortage
The Columbus housing market is experiencing a shortage of homes. We have several qualified buyers looking for a new place to call home. It’s never too early to chat about your real estate options for 2021.
Whether you’re downsizing or you’re looking for more space, reach out by emailing anyone on our team or giving us a call at (614) 939-1234. We really look forward to hearing from YOU!
February has been a big month for Thomas | Riddle, with homes quickly selling on the market every week. However, we still try to make time for family. A tradition Johnna and I have for Valentine’s Day is that we spend it with family. Every year we get together with Johnna’s siblings and their spouses, and we enjoy food, drinks, and games while our kids are with their grandparents. It’s a great way to make a hallmark holiday special for us.