We are often asked a question like “Is it still a buyer’s market today?”. As experts in the real estate business, we really hope we can give you a direct answer. But it is not as simple as that. It’s not something that can be answered by just a “yes or no”.
The State of the Market for Buyers
It depends on the property type and its location.
Single-family homes that are in great locations are priced well sell very quickly. There’s a lot of demand in certain areas but some areas may seem like a ghost time.
People who would like to buy a house are looking for the same things – good neighborhoods, easy access to transportation, malls, well-established schools, close to work, etc. Properties that have these have a higher value. Sellers with properties in good condition are in control of the market.
For condos and townhouses – it is a different story especially those that are out of the way or are opposite of what was mentioned above. Prices were down in certain areas, but they are rebounding as the rental market increases.
Investment properties are in demand. The huge amount of foreign cash that wants to invest in US real estate has impacted the market in different ways.
Those people who are in a position to pay cash for properties have been getting good deals in the marketplace.
Lots of sellers are trying to offer “risky prices” just to see if anyone bites, but some investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Some financial institutions like banks are being stricter. They require lots of money down and they even change their terms at the last minute. It is not unusual for some approved buyers to get their loans pulled right before closing escrow. But it’s not as bad like it was a couple of years ago.
Markets remain incredibly polarized overall – there’s a lot of action at the very bottom and the very top, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of uncertainty in the US economy right now and the markets are moving fast in lots of directions at once.
If you need to sell a property, we can help you. We would love to provide a no-obligation offer. Or if you are ready to sell, we would love to hear from you!
We buy properties in any condition and in any situation from people who need to sell fast.