Friday, May 19, 2017 / by Taryn Hale
How to thrive in a seller's market, even if you are buying (Video)
You keep hearing about this seller's market. But what exactly does that mean?
Watch this video from Rob Hale, our broker here at Elite Results Realty to learn more.
Let's first take a look at Maricopa County's May inventory in the lower price ranges*:
- 77 listings under $100,000, compared to 9,497 in January 2011
- 70 listings between $100,000 and $125,000, compared to 3,713 in January 2009
- 155 listings between $125,000 and $150,000, compared to 3,790 in August 2008
- 441 listings between $150,000 and $175,000 compared to 3,534 in August 2008
So there continues to be a lot of competition over greatly reduced inventory, which means sellers typically wield the power. That is why buyers need an expert by their side to help them get what want.
We have been able to help our buyer clients gain an edge, even in an environment like this. In a recent example, one of our clients was going to have to submit a contingent offer because they had to sell their primary residence before they could buy. In this competitive seller's market, an offer like that doesn't stand much of a chance.
Instead, we provided the clients with a cash purchase for their home, so they could use the proceeds to purchase their next house. Our clients were even able to rent the house back after their sale, so their transaction was more seamless and they only had to move once.
We have a history of crafting unique solutions like this to maintain high client satisfaction, despite the ever-shifting market.
Now if you are a seller, this is obviously a great time to act. Yet, some market indicators are showing signs that a bigger shift might be on the horizon. If you wait too long, you may find yourself with less bargaining power.
Whether you are a buyer or seller, I encourage you to reach out to us with any of your real estate needs. We can help you find elite results, regardless of what the market is doing.
*Market numbers from the research of Mike Orr