Broker and owner of KBH Realty Group of Farmington, Kim Briese said she’s noticing the seller’s market beginning to soften.
“I think it is starting to shift a little. The seller’s market is starting to soften,” she said. “We still have a shortage, but it’s getting better. I have several listings in the pipeline.”
Briese said before, it was hard to get people to list their homes, since, in order to sell their homes, they’d have to find their next residence.
“Some are looking into renting, but there’s even been a shortage of rentals, especially if you have pets.”
Like many of the other agents, she’s seen a lot of clients from out of state or from larger cities, some of whom are interested in moving to a rural area with more purchase power, now that they’re telecommuting for work. That also results in increased competition for houses, multiple offers and bidding wars.
“Last year, we could show 3-4 properties, they could pick one from the bunch. Now, everyone is fending for themselves — they have to. Sometimes houses are under contract before they’re even listed,” she said.
Her advice? “Have your pre-approval ready to go, have your financing read to go, and be on call all the time,” she said. “You have to be ready to go when something’s on the market that meets your criteria. In this market, if you see a house that’s been on the market for more than two weeks, there’s something undesirable about the property or the price is too high.”
Originally Appeared Here