The housing market has shifted over the past month and there is no denying that this market is much less competitive than it was even since June. There is still an inventory shortage, but there are also fewer buyers in the buying pool since interest rates have increased.
It will no longer be such a discouraging experience for them! For a while, buyers had to worry about making their offer attractive enough to be able to stand out from the rest with the most creative terms. These terms include but were not limited to…
- Waiving a home inspection contingency
- Offering 50-150k over the asking price
- Guaranteeing an appraisal gap
- Giving an escrow deposit between 8-15k (possibly even non-refundable)
- Offering to pay for the seller’s closing costs
- Giving a “free rent back” option to the sellers if they needed to find a new home to move into once they sell theirs
- Using any bank that the Seller prefers them to use
This is no longer the case. If a home shows well and is priced at market value a seller can expect about 3-5 offers instead of 30-50 offers. It’s very important to remember that the homes that sold way above asking price with tons of offers, most likely weren’t priced accurately to begin with.
As realtors, we are now having a different conversation with our sellers.
BUT WHAT DOES THAT MEAN FOR SELLERS?
Don’t get it twisted, it’s still an amazing time to sell! Be sure to take your realtor’s advice on the best ways to prepare the home for the market such as decluttering, painting, staging, deep cleaning, professional photos, etc. As long as it’s priced well and shows well, you will be happy with the result!
— Angela Pozantides, TGT Real Estate Person
TOP 100 REAL ESTATE PEOPLE PARTY
On August 11th, we hosted an event at the beautiful InnBuffalo off Elmwood to celebrate our clients, business successes, and our future endeavors. With over 200 people in attendance, live music, fire dancers, stilt and aerial performers, and a $2500 cash giveaway, this event was a major success for our team! We will be hosting this event as an annual celebration of our Real estate people family.
We are constantly searching for off market and new opportunities for our buyers. Here’s what we found! Contact one of our agents to learn more/
Condo on Hampton Hill
- 3 bedrooms and 2 full baths
- First floor unit
- Best view in the whole complex!!
Price range: $225k-$250k
Single Family Home on Omphalius Rd
- 3 bedrooms and 2.5 baths (2384 sqft)
- Corner lot with just under 2 acres
- Large covered back deck for entertaining
Price range: $275k-$325k
(call for addresses, 716-239-6432)
CONTRACTORS WE RECOMMEND
A great contractor is someone you can rely on to get the work done on schedule and within the budget. That is why The Giambra Team recommends the following people to do the job!
Matt Sceusa — Mold Remediation
716-880-5956
Whether you’re struggling with mold in a residential or commercial property, Matt has you covered! Professionalism and a thorough job is what you can expect with this contractor.
Jason Clark — General Contractor
716-515-8295
Jason provides high-quality construction work with MKJ Buffalo Group! He offers reliable care and craftsmanship with every project he takes on.
Colin Shamrock — Painter
716-243-5368
Shamrock’s Painting & Remodeling specializes in transforming homes and businesses with expert interior and exterior painting. From a small bedroom to a whole house or full exterior repaint, they do it all!
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