Multiple Offers Are Back!
This summer is shaping up to be a speedy market for buyers & sellers.
We are seeing a surprising trend in the real estate market- multiple offers, even in the time of Covid. Buyers can expect to bid against multiple offers on a home due to low interest rates and fewer homes for sale. Homes that are in prime condition (think HGTV) in Crescent Hill, Highlands, St. Matthews and Germantown are the fastest sellers. Most homes sell within days between $120,000-$400,000.
For Buyers: Tips to improve your chances of winning against other offers:
- Make a strong offer right away. Be careful about paying too much (talk to your agent) but be aware that you may not have a chance to increase your offer.
- Combine a strong offer price with terms that appeal to the seller:
- Meet their closing timeframe
- Keep the inspection period as short as possible
- Don't ask for much. Leave out the home warranty, washer/dryer if possible.
- Include a letter about you & why you love the seller's home.
- Pre-approval letter with the offer- ALWAYS!
- Be ready to make an offer after just one viewing.
- Remain open to buying a home that needs some cosmetic updating. This reduces the odds of competing against multiple offers.
For Sellers: Buyers are out there. If you have been waiting to list your home, now is the time to take action. We have adopted best practices to help limit contact/touch points during showings. Louisville agents are being respectful of the seller's health concerns and we have instituted the following minimums:
- No overlapping showings, only one set of buyers at a time may schedule
- We can coordinate video tours if it is helpful to buyer/buyer agent
- Extensive photos & details online- buyers can eliminate homes that aren't a good fit
- Request for best practice from agents during showings (sanitizer/mask use)
- Leave all lights on and interior doors open (limiting touchpoints)
Let us help you navigate this wild ride. We are here to provide the data and statistics you need so that you can feel confident in your choices. You are in control of the decisions. We handle the process!