IN THE TRENCHES...FROM THE SELLER'S PROSPECTIVE
The 2nd quarter has seen a surge in sales at the shore. Most properties that did not sell in the winter improved their asking prices and welcomed acceptable offers. Some homes experienced multiple bids, other homes received unacceptable offers or were rejected by the eager buyer wave. These unsold property owners will have to reevaluate their motivation to sell and listen to what the market is telling them. Shore homes still face the scrutiny of home inspections and bank appraisals . The Spring market delivered an abundance of buyers, so many in fact, that there seemed to be one or two in line to step into a good deal that was rumored to be going south. With that said, "everyone" in the successful transactions rolled up their sleeves to negotiate fair terms to get the sale to the closing table.
Sellers should not be thinking prices are increasing overall . Only certain homes that "shine" and are located in low inventory, desirable locations scored above market value. Buyer demand is way up, however sellers and their listing agents must be extra careful to examine the qualifications and determination of their buyer prospects. Legitimate proof of funds and professional evaluation of real income to debt ratios must be approved early or precious time will be wasted having your listing off the active market by failing to close an unqualified buyer. As a seller, if you are not under contract after a month in this market, then unfortunately your asking price is overpriced. The seller's enemy is days on market and its competitive, comparable listing. It should be noted upgraded, single family homes remain in high demand with central air, 2 bath minimums, and parking. Views will always command attention and should be advertised to the fullest. Condos with climbing association fees and forecasted assessments will suffer from falling prices. If your property has been neglected and improperly maintained, it will be reflected in the offer. We think sellers should strongly interview a listing agent AND a buyer agent partnered team to best promote and sell your property in this market . HAPPY SELLING!!