While it may seem contrary to logic, the local market appears to be as strong as ever. In my 20+ years of working in real estate, I’ve never encountered such an aggressive market. While I am not an expert, my belief is that with the presence of Covid along with all the restrictions and limitations, the real estate market continues to expand. With increasing frequency, properties newly listed in MLS will have a comment such as “First showings to be at 9:00 am on a certain date. Showings to be for only 30 minutes. All offers to be submitted by 5:00 am on (usually three days after showings begin). Response from sellers to be received by 9:00 am the next business day.” One listing within our firm had over 12 offers on the property. For sellers, it’s a dream of a position. For buyers, it’s almost a nightmare. One buyer I am working with has made offers on six houses and has not “been the chosen one” on any. They are disadvantaged in this market simply because they are getting a loan. 80% of buyers get a loan, but for the 20% who don’t -cash is always king. My young couple has not given up, but they have become disheartened but not yet cynical, just more realistic.
Fridrich & Clark Realty, LLC