The WRA's September housing report came out earlier this week, and the most obvious take-away is that the big price increases we saw earlier this year have had an effect on the autumn market.
The bargains are out there....
Dated: September 23 2020
Yesterday in a team meeting, we were discussing the Madison market. One thing that came up during the discussion was that despite the continuing strong sellers' market, there are definitely houses out there that are more friendly to buyers. After the meeting, I thought I'd see just how many. So I did a search for single-family houses that were under $400000 and had had at least one price reduction. Even I was surprised that there were 30!
Now, not all of these are move-in ready. A couple need a fair bit of work. But most of them are essentially move-in ready! And as they all have had price reductions, they all offer a stronger negotiating position for buyers. Why? Because in hot markets like this, sellers and agents often assume first weekend offers. And with good reason--many properties get them. But obviously not all. And when they don't, it means the competition goes down fast. Buyers are quick to jump on hot properties, so if they don't, a property can quickly become ripe for more classic style negotiations; i.e. below list offers.
There are many reasons for this of course; issues that weren't apparent on pictures or included in the condition report, inaccurately priced, not in the "hot" location the majority of buyers are searching in. But for buyers looking to avoid intense competition, these properties can be real bargains. As I've written before (and will continue to write!), if buyers are willing to expand there search parameters, there are good quality properties available without the intense competition. It doesn't mean you have to buy a fixer-upper. Just that if you think beyond the hot areas, you might find a home that wasn't such a hassle to land.
In November of 2000, I closed on my first house, a rough-around-the-edges 1922 colonial with lots of sun, not a lot of storage, and an enormous oak tree in its postage stamp-sized back yard. From the ....
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