Multiple Offers in Bristow, But Not the First Weekend
On June 25th (2021,) I had the pleasure of introducting 9239 Glen Meadow Lane to the market, priced at $649,000. That was a Friday. My experience with single family homes and townhouses alike was that they were going in one weekend. So we set an offer deadline of Monday, June 28th at 9pm. That time came and went with no offers. By the time the offer deadline had arrived, we had seen about two dozen showings.
Then, sometime between Tuesday, June 29th and Thursday, July 1st, we experienced another thirteen showings. Out of all that activity came three offers on Thursday. Weird. One week on the market and on a weekday we got three offers.
While the sellers had heard about the crazy seller’s market of dozens of offers the first weekend on the market, they are very happy to be under contract with a buyer that has zero contingencies. You will have to sit tight and wait until the end of this month to learn the final sold price.
Has the seller’s market in Bristow cooled off? It seems so. And this listing is not my only point of data. There are many more sellers coming on the market right now. Meanwhile, buyers are taking time off to go on vacation and regroup after months of failure to get under contract. While supply is still not meeting demand, it is most certainly still a seller’s market. At the moment, July 2021, the craziness of dozens of offers right away and escalating way above list price has died down for most listings.
Want to know how the market would likely react to your home? I would love a chance to talk that over with you. Just reach out and we’ll set up a time to chat. We can figure out how to get one of these signs in your yard with the most profit in the shortest amount of time.
A Step in the Right Direction for Buyers in Bristow/Gainesville
This morning I was setting up a home tour for a buyer relocating from out of state. We have found an opportunity that is ninety-nine percent likely to be the one. Between the buyer coming to terms with the seller’s market and adjusting expectations, and getting a lead on a property that checks every box where we will be the first ones in, it seems the stage is set for success. Being that home inspectors have been fairly idle since the seller’s market really hit the peak and buyers were having to forego inspections just to have a chance at being competitive, I figured getting an inspector on short notice would be easy. WRONG!
In talking with a trusted home inspector this morning, it seems that business has picked up for he and his colleagues in Bristow and Gainesville. That means more buyers are having inspections. He relayed to me that they weren’t walk and talk inspections either, but full blown inspections that happen once a buyer is under contract. They might be Right to Void Only inspections, or maybe just strictly for informational purposes, but he is booking more inspections. Hmm. Could the market be shifting? Certainly is possible.
Supply has been increasing. There are more listings coming on the market lately. Of course, demand has been so out of control that the increase in supply hasn’t meant the end of multiple offers. It does seem, however, that buyers are at least able to not give up every conceivable contingency in a lot of circumstances, which is positive news for buyers.
Of course, the seller’s market has favored sellers so strongly that some sellers may feel a since of regret if they lose out on being able to pull down an offer ten percent above list price with absolutely no contingencies, but this market is not sustainable. Buyers have been pulling out from sheer frustration and opting to stay where they are or rent.
Our Bristow/Gainesville real estate market is likely to favor sellers for the foreseeable future. Of course, we may see more inventory still if there is just enough cooling for move up buyers who also need to sell, to feel they won’t be homeless if they list. That would lend itself to this market really becoming more tolerable for buyers, while still favoring sellers.
It’s going to take some time for the market to truly be stable, which means neither party has an advantage. Right now, the best we can hope for is the insane seller’s market to become a more reasonable seller’s market. As long as demand is still not being met by the supply, seller’s have the advantage. Maybe it will get back to something like the seller’s markets we have experienced in the past. A handful of offers, not two dozen. That would feel less frantic and certainly be more reasonable for all parties. Dare to dream.