Anyone who is buying – or just checking out – a house in our unique Northeast PA market is likely to find that some of the rules of the “buyers market” game seem to have shifted.
As the latest housing statistics continue to paint an upbeat picture, at least when it comes to bargain-priced properties, the days of multiple bids and ‘offers over asking’ are showing some new appearance. And, if you are – rightfully – considering buying a house in our area before interest rates and prices rise in earnest, it would be useful to take a look at some strategies that work — and some that virtually never do:
1) Blanket low-balling – Running around writing up a bunch of low-ball offers is a surefire way to get yourself ignored, or worse, miss out on an otherwise great property. A better approach? Work with a knowledgeable agent whose expertise in area neighborhoods will allow you to check on the most recent comps, then write a serious offer.
2) Dismissing Imperfect Properties – The degree of your success in buying a house in town can depend on starting out with a reality check: only very rarely is a property totally perfect for you and priced absolutely right.
3) Highest and Best – Unfortunately, the tempting low prices listed for some local bank-owned homes also means that it’s increasingly common to encounter the dreaded “multiple offer situation.” If you find yourself there, be prepared to submit your highest and best offer first — you may not have another shot.
This changing market doesn’t mean we are headed into the kind of fever-induced ‘bubble’ we saw in the mid- 2000’s. But for those seeking a deal and waiting for the bottom of the market before buying a house in town, the market does not seem to be waiting. 2013 is clearly the time to jump in!