A similar story is emerging throughout the country: it’s a sellers market in real estate. From New York to Los Angeles, and mostly in between, bidding wars and cash offers are increasingly common enough that the New York Times has weighed-in on the development.
Broker Mickey Conlon expressed this sentiment to the Times after listing a New York home for $1.89 million and riding a bidding war to a cash payment of $2.16 million.
“It’s the kind of insanity you live for in this business,” Conlon said.
Of course, that’s a single instance, but the message is clear: real estate is back. Recent developments make it increasingly enticing to either go house shopping or to list your home on the housing market.
The Times offers its usual plethora of insight on the housing market in this article. Here are just a few takeaways from the piece:
–Always be on top of the latest listing
–Forget about getting a deal
–Raise your down payment
–Set your ultimate price
–Sign your contract quickly
Additionally, even in a sellers market, having the right listing price is critically important. This means sellers should not think the sky’s the limit when putting a price on their home, nor go to low on their asking price.