Even in a hot seller's market there are plenty of over-priced listings which won't sell until the owner gets realistic about pricing. For some sellers, that realization is happening right now. The over-heated spring market has given way to a more balanced summer market, motivating some owners to drop their price in order to get their property sold.
Opportunistic buyers are pouncing on price reductions
Some buyers have given up on their search because they don't believe there are enough listings to go around in the summer market. Other more opportunistic buyers are staying in the game and acting immediately as soon as the right price reduction or right listing comes along.
It's true, there are fewer new listings to choose from in the summertime compared to the spring buying season. But on the positive side, there are more price reductions and fewer competing buyers. For these reasons the summertime is a great time for buyers to stay focused on their search. Those who stay focused will be rewarded for their efforts.
Our summer buyers are getting their offers accepted
Our July buyers stand out as some great examples of patience and persistence. They have all stayed very focused on their plan even though inventory has been limited. When the right opportunity has presented itself, we've scheduled each showing immediately and then followed up each showing with an immediate offer. Now they're all on track to close in the coming weeks, proving a little persistence goes a long way in this low inventory market.
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This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred