April 5, 2024
Bidding Wars Are Back!
As anticipation grows among potential buyers, many are increasingly confident that interest rates will decline by the end of summer, prompting them to take decisive action.
With each drop in interest rates, buyer enthusiasm intensifies, leading to a surge in multiple offers and a rapid escalation in home prices.
While the multiple-offer approach has become commonplace, occasional setbacks occur, yet more often than not, it proves successful when coupled with the right pricing strategy.
Despite recent price hikes, I’ve observed some homes selling below expected market value. Upon closer examination, the reasons become apparent.
It’s noteworthy that when homes initially list at a certain price and then, within a week, either the listing is withdrawn or the asking price is raised, it typically indicates that the strategy of pricing low to incite multiple offers has backfired. Sellers may fail to receive offers altogether or may not secure the desired price.
Traditionally, the period following the Easter weekend sees a surge in new listings and heightened activity until mid or late June, tapering off during July and August. However, activity picks up again after the Labor Day weekend, extending through early December.
Contrary to common belief, the optimal time to sell often falls between the end of January and the beginning of the March break, yielding the highest prices. There are compelling reasons behind this trend.
If you are considering selling in the near future and would like an idea as to what your home is worth in today’s unpredictable, changing market, do invite me over for a confidential chat and I’ll be more than happy to discuss pricing strategies as well as the right time to sell, and much more. You will be glad you did.
Ecko Jay
Broker of Record / Owner