Market Update: It’s a Bloodbath

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I don’t mean to be melodramatic or overly graphic.  But truly, this is what the market feels like right now.  I keep expecting the market to cool down (because if a pandemic and increased unemployment doesn’t create cooling conditions, I’m not sure what will)…but it hasn’t.  At least, not yet.  

Now, it will forever be true that an assessment of home value and strategy must be case-specific.  That is to say that you can’t just plop a property on the market in any condition at any price and think it will sell like hotcakes..  

I will say, however, that I recently put a property on the market in Chapel Hill for quite a bit higher than the comps even suggested was reasonable, and we still got multiple offers way over asking price WITH (very thankfully!) appraisal addendums to boot.  There is a special kind of magic that one must perform to make this happen, and if you want some trade secrets, just give me a ring.  

At any rate, this tracks with what what I’ve been seeing–sales prices continue to rise, inventory continues to drop.
The hardship this presents to buyers is real.  However, there ARE still ways to buy the house you want, and even ways to avoid a bidding war as a buyer.  

You can read more about how I recently helped a buyer avoid a bidding war to get the house of her dreams here.  It IS possible, but you have to be very strategic.  “Betty’s Story” will tell you how.

If you already own a house, CONGRATULATIONS, GOOD ON YOU!  Let me know if you’re thinking of selling–even if you bought two years ago, I bet we can create the conditions necessary to create a buyer frenzy and you’ll come out ahead.
Congrats to Betty and Mitch for snagging an amazing home at a decent price in a crazy, crazy seller’s market!  

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