This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.
In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.
In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.
Tim Tanz, CRS, GRI, ABR
1034 S Brentwood Blvd
St Louis, MO 63117
---We trusted Tim so well that we purchased a home through him simply by doing FaceTime with him at an open house. We lived in a different State and couldn't make it in time to a home that was having multiple offers and Tim made sure to put us first, thus guaranteeing our chance to make the successful bid that landed us our dream home! C. Haven -- 1201 Dunston Dr, Saint Louis, MO 63146
---We have purchased 2 homes and sold 1 home with Tim as our agent. If we have the opportunity to relocate back to the St. Louis area, our first call will be to Tim. When we purchased our first home through Tim, we didn't know anyone or very much about the St. Louis area. Tim took the time to show us many different areas which was very helpful in making our decision. He was very professional, detailed and walked us through the entire process. He made sure all the little details were taken care of. Tim has integrity and will tell you the truth about the market or about your home, even if you don't want to hear it. When we purchased and later sold our 2nd home, we didn't think twice about calling Tim. In my opinion, this one act put Tim way above the rest. During the sale of our last home, we had an issue with our moving company (basically they didn't show up the first day), so we had only one day to get our stuff out of the house and clean it up for the new owners. Tim came over and helped us with patching nail holes and cleaning. Not every agent would do that to help out their client. G. Allswede – 3476 Covington Parkway.