Home prices are going up. In fact, in the fourth quarter of 2012, the national median home price showed the strongest year-over-year increase in seven years, according to the latest quarterly report by the National Association of Realtors. This is the new market, and everyone involved in a real estate transaction needs to adjust, especially homebuyers.
For buyers, that means making good offers. Increased demand and a lower supply of homes for sale have led to the return of a seller’s market. As such, there are many more bidding wars than during the past few years. As more buyers compete over each listing, it is important that buyers work with their real estate sales associate to come up with an effective offer.
At Weichert, sales associates are fully equipped to research the local area and create a Price Trend Analysis to help buyers come up with the best possible offer price. In certain cases, that may even mean making an offer that is at or sometimes even above asking price. This important research will help buyers better understand why it is critical to make a good offer if they want to win the bidding war in this quick-changing market.
A Weichert Price Trend Analysis can also benefit a seller, both when they are first listing their home and when entertaining purchase offers. By accessing the most recent sales data, associates can better advise their clients on pricing expectations and the most effective strategy for selling their home for the best possible price.
Inventory levels in Basking Ridge are the lowest they have been in years! Call today if you are thinking about selling your home!
