Newtown and our surrounding communities have strayed ever so slightly from our long standing buyers market over the last few months.
What does that mean, you ask? Simply put, we are having multiple offers on most well-priced homes in good condition throughout our area.
This flurry of activity is a relatively normal occurrence in early spring, but this year it feels like the market has just a little kick to it. With the early spring weather, came eager buyers and timely sales.
This sudden flip from a very strong buyers market to a more even playing field between buyer and seller has caused quite a stir. Was it really just a few short weeks ago when a buyer could visit a prospective home then slowly and deliberately mull over their first low ball offer over for a week or so before pulling the trigger.
Buyers are finding that "playing hard to get” this spring has left several well-qualified prospective home owners out in the cold and scrambling to line up for yet the next new home to pop up on the scene.
Sellers are almost giddy as their phone rings hourly on that first weekend with requests by realtors to visit. Listing agents are stunned to find in boxes stuffed with competing offers on both new listings and on homes that failed to sell in the past. Then the sound that we almost thought was gone forever. The sound of the seller’s realtor making sure the buyers know to come in strong right at the start just to have a chance.
Another thing for everyone to not to overlook in this rush for home ownership is that appraisals are not as generous as they used to be. Just because the market activity has heated up a bit, doesn't mean that lenders are going to simply accept higher prices, without any justification.
In the feeding frenzy and rush to get offers accepted, some agents are neglecting their homework and misguiding the buyers into offers too high for the current values. Then suddenly these same agents want scorned buyers to write new offers when loans are not approved and contracts fall apart. It has been a very tough market and more than likely it will continue to be so for a good bit longer. I understand why these sellers are finally feeling it's "their turn." And maybe, maybe at least for today it is!