I have been a Realtor for 8 years, but never have I seen so much frustration on the part of both buyers and sellers. The media tells us to behave one way, but I truly feel that the reality of the market is much different than anyone can understand. Being in this business, helping buyers and sellers on a daily basis, affords me only one certainty... that nothing is certain.
Each situation is different, whether you are a buyer or a seller. Now, more than ever, it is important to listen to your Realtor and other trusted professionals and also to go with your instinct on the decisions you need to make.
Here are a few helpful hints for you to navigate through this confusing market: be sure that your Realtor has had recent listings and sales, so you know they are on the pulse of the current market. Be sure that your Realtor listens to your needs and educates you throughout the entire process, so that you are able to make the best decisions for yourself. Lastly, be sure that your Realtor supports your goals in a respectful manner.
In return, be open to honesty and trust that your Realtor is basing her opinion on reality and professional/recent experience. Sellers: if you price your home well, you will get an offer quickly. Don't be afraid to take your first offer. Buyers: if a home is priced well, don't be afraid to offer full-price. It's either going to be you or another buyer who gets the good deal!
There are some fabulous deals to be had, both for sellers and buyers. I have had several multiple offer situations recently (believe it or not) and homes that have gone over list price. Sellers know that they are competing against foreclosures, so they are adjusting to that by being the best priced and finest product on the market. Now that buyers are so savvy, they can see a good deal when they find one.
Above all, have some good old-fashioned patience and understanding. People are in tough financial spots these days and we all have to remember that everyone is really doing the best they can with what they know and what they have been told. Most everyone is afraid to pay too much for a house or to sell it for too little.
With that said, Twin Cities Real Estate is still moving and is getting better every day!