In a recent article written by Jim Buchta of the Star Tribune titled “Twin Cities Foreclosure Crisis Subsides as Home Prices Surge” – Jim talks about what a lot of us in thefield are experiencing.
According to the article, Foreclosures and Short Sales made up just 12% of all home sales in June, down from 60% 3 years ago. This is great news for both the economy and home sellers as the flood of distressed properties really decreased property values.
In the article, we hear from a first time home buyer looking under $100,000:
““I’d heard that everyone is being foreclosed on and that there are short sales all over the place, but there wasn’t a whole lot for us.”
The market has drastically shifted and homes that may have been considered a deal a few years ago are often being sold in multiple offers and/or investors paying cash. If you are looking to compete in a seller’s market, 3 things you must do:
- Get pre-approved. No seller will want to tie up their property with someone that hasn’t been pre-approved with a loan officer.
- Hire a full time Buyer’s Agent. With how quickly homes are selling and in multiple offers, it is more important than ever to work with a Buyer Specialist as they are 100% dedicated to helping you find your next home – not listing homes, not following up on loose ends – helping find great homes is their #1 concern.
- Be ready. You may see the perfect home the first time out, that is okay – just be ready to make an offer. In a seller’s market, you typically do not have a night to “sleep on it.”
Our team is built with full professionals and staff looking to provide the best service possible. We are not a team of generalists, but rather a team of specialists and we look forward to going to work for you.
To read the full article, click on the link: