The markets are continuing to be sizzling hot right now. Last week, we focused on the buyer’s perspective of all of this, but now let’s take a look at the seller’s perspective. Join us today as we cover the seller’s side of these hot markets!
A hot market is great for sellers looking to make some money off of their investment or to get a little bit of a change in life, but there are some downsides that certainly do not shimmer with the rest of the benefits. For example, sellers looking to buy and move on into another neighborhood will face the same challenges that current buyers are facing now—low inventory. Your house may very well be sold, but you are still in the search for your next place of residence.
In addition to this, you may face the issue of bad offers from buyers. During this crazy time, some buyers may be going around and making offers that they cannot afford, whether it is because they have not been pre-approved for a loan, or because they are still scouring the market for a better deal. These situations can cause you to sit in a contract agreement for a few weeks, and have it ultimately be pulled out at a later date.
A seller in the midst of a seller’s market may also face the horror of appraisals falling a little short. Appraisers are running around and giving homes a great looks, but it is possible that in this hectic time that they miss a few things, and cause your appraisal to fall a little low of where you think it should be. Cases like these can cause potential buyers to walk away, but it is nothing that a simple negotiation or a second appraisal can fix.
Despite some of these downsides, a seller’s market is exactly what it is—the perfect time to sell your property. However, having an experienced and trusted agent in your corner throughout the process can help you leaps and bounds, and at American Dream Realty of South Jersey, that is exactly what you will find.
Stop on in today and see what we can do for you!