What To Do In A Hot Market?
The newspapers are awash with accounts of
booming sales, records being set and commentary from area agents to support it
all. The market is "hot". It seems that home sellers can name their
price. Buyer's, on the other hand, better act quick or be left behind.
True? What to do? Well, the market may be very
good but there is always more than a little hype in the reported stories. So,
calm down and be careful how much stock you put in what you read.
Here are some suggestions that apply under all
conditions, "hot" or not:
Sellers - Regardless of market condition there
are always homes that take longer than others to sell. So, don't expect to
just plant a sign and make a killing. Location, condition, curb appeal, market
exposure and pricing are some of the factors in getting a sale. And, when an
offer appears, don't be too greedy; your home just may not warrant full price.
Buyers - Don't let the hype scare you. Even in
the hottest market here will be a home out there for you. First, arrange the
financing. Then avoid being too picky; the perfect home just doesn't exist -
at any price. And, don't hesitate when you find a nice one; waiting for uncle
Joe to see it might make it someone else's home he sees. Above all, keep in
mind that prices might be negotiable but probably not as much as you would
like.
Both - The best way to sort through the hype in
any type of market is to act sensibly and with knowledge. Your best resource
is your Realtor. Let his professional skill and recommendations guide you
through the process successfully. You'll be glad you did.
First Published 6/28/01
