I have recently been working with buyers in Montgomery County, specifically the Methacton (19403) and Audobon (19407) area and I wanted to share some advice that I have noticed in my experience with buyers about the current market.
1) Everyone keeps saying “It’s a buyers market;” Well they could be right, or wrong – or it could be both a sellers and buyers market.
a) It’s sort of a buyers market. The issue that all buyers need to realize is that inventory is quite low compared for the last 3 to 5 year
b)Since inventory is low, this creates an artificial demand for housing.
2) So buyers consider this:
a) There are more buyers waiting in the wings, looking at ever home that comes onto the market. They are looking for LOCATION and PRICE compared to CONDITION. IF those conditions are met, with a wave of the magic wand, there will be three offers that will come in within the first week the house is on the market.
b)These buyers are making STRONG offers; putting as much as possible down, and being flexible on when the sellers want to move.
i)If you are not putting as much down or flexible on the settlement date, the sellers may not look at your offer twice.
c)If you see the house you want and it’s within your budget, you need to act QUICKLY. Your realtor should be providing you with all of the information necessary to make a decision. You will need to analyze it and make an educated decision quickly. It can be tough at times, but you have to make a decision and stick with it.
3)The rest of the home-buying process should be same. My buyers have looked at an average amount of homes in the Methacton and Audobon area, and when this home came along, they had to act quickly.
4)To All buyers, if you are looking at houses, you should be pre-approved and ready to act immediately. Sellers are looking for the best offer they can get right away.