Be prepared for a bidding war

Posted By Lindsay Faircloth @ Oct 23rd 2012 10:35pm In: posts for buyers and sellers

The real estate market in Myrtle Beach is heating up and prices are now beginning to stabilize. The inventory of homes for sale in Myrtle Beach is beginning to taper off and buyers need to be prepared to make faster decisions. Now, It's no secret that it has been a buyers market for quite some time. Buyers have had the luxury of time in making a decision on a home. That luxury is now gone. Though the house you fall in love with today may be gone tomorrow, don't just throw caution to the wind and jump into buying a home that you are not 100% sure about. What should you do? Be prepared, your agent will be a huge help here. Make an educated decision when it comes to writing an offer by using the current market conditions and comparable sales to help you choose the right offer amount.

This article comes to you courtesy of the National Association of Realtors and Bloomberg News:

Bidding Wars Are Back, Agents Say Daily Real Estate News | Monday, April 02, 2012

"Some real estate markets are reporting that home buyers are having to pay more than asking price to get the home they desire, as the supply of for-sale homes has shrunk, Bloomberg News reports. Bidding wars were a common part of real estate in 2006. But when the market turned from a “seller’s market” to “buyer’s market,” more sellers started seeing lowball bids than high bids. Now times are slowly changing, and bidding wars are being reported in several markets, such as in Seattle, Boston, Silicon Valley, Miami, and Washington, D.C., Bloomberg reports. The inventory of homes for-sale is near a six-year low. Mixed with the low inventory, the job market has been improving and buyers are being lured to the record level of affordability in the housing market. Existing-home sales and pending home sales are up more than 8 percent compared to a year earlier, the National Association of REALTORS® recently reported. Trulia Inc. also reported that falling home values and low mortgage rates have made home buying a better deal than renting in 98 of the 100 largest metro areas. “The housing crash is finally giving way to recovery in an increasing number of markets across the country,” Mark Zandi, chief economist for Moody’s Analytics, told Bloomberg. “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single-family housing.”

Source: “Bidding Wars Erupt as Supply of Available Homes Shrink,” Bloomberg News (March 31, 2012)

Share on Social Media:
Tags: , , , , , ,

Comments (0)

Comments have been closed for this post.
Please contact us if you have any questions or comments.