Here’s a quick update on what’s happening in our marketplace.
Right now, many sellers are still receiving close to, if not more than, the asking prices on their homes. Multiple-offer situations are still going strong, and because of that, we’re noticing that more and more homes are being sold above their appraised values.
Traditionally, most buyers would have a contingency, meaning that the house would have to appraise for the contract value. However, today’s buyers are now removing their appraisal contingencies to be more competitive. They’re preparing themselves to pay a little bit more for a house than they prefer to.
Of course, that means sellers are getting more money than they did before. These days, it’s less about how much your house is worth on the current marketplace than it is about what a buyer is willing to pay for it.
If you’re thinking about buying or selling a home or you want to know more about what’s happening in today’s marketplace, feel free to reach out to us. We would love to help you.
