Our Market

Dated: 07/26/2018

Views: 43

My goodness.  I wanted to reach out and let everyone know what a seller's market we are in.  As one local appraiser just put to me the market is very compressed.  When we get our listings in the average days on the market, at least for us, has inched down to less than 20.  We do work hard to get it out there, with great photos and all, but really the market is hot right now.  With all this being said if you are a buyer in the Market today, make sure you have your financing in place, your ready to move before you start the process, and you understand the days of mulling it over for weeks is gone.  Our market has turned into those of the West.  If you see a great property so has another 50 people.  I have even seen recently that prices are going for more than they are listed for which is simply in this market unheard of.  Case in point there was a property in Independence that went nearly 20K above its' list price.  So buyers if you are serious about buying, be ready.  You will be able to wrap the property up and have the ten day inspection period to make sure everything is in the condition you want it to be in.  If not you have the right to walk away from the contract.  Seller's know you really hold the cards right now, but know once a contract is accepted don't celebrate until after the Inspection period is complete, because here in Louisiana the Purchaser can walk without cause during the Inspection period.  Now after the Appraisal comes back and the inspection period is done, then you can slowly start to pop the cork on the champaigne bottle.  Just remember, be cautious until the property closes.  Don't put yourself in a huge bind assuming everything will be fine.  There is still employment reverification just before closing and if something were to happen at their jobs, the entire deal could be off.  Just a word of caution, but also a word of extreme optimism in today's real estate market. Remember there is probably another bubble in the near future.  If you have not listed your property and you are thinking about doing so, WHY???  Rates are moving up and with Rates moving up the Affordability Index decreases.  Remember if a person in todays market qualifies for a 5% loan at a certain amount, and the interest rate increases because of Fed Action and other factors, this person can now only afford a smaller amount for a home because of limits to debt verses income.  So the smaller the pool of buyer's who can afford your home, the less demand, the less demand over the long term results in prices decreasing.  So you may consider have home prices reached the end of the fast increases we were experiencing???  Why not cash out at the top.  List today.  Call the Martin Team, experts for 20 years, Where Knowledge and Experience Meet Hardwork!!, 985-507-9359. [email protected].  Call or email today and lets Get the Job Done!!!

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Craig Martin

MY name is Craig Martin!! I am a hard working, learning based real estate associate broker. I am the Team Lead of the Martin Team powered by Exp Realty. I try very hard every day to make sure I can gr....

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