Q: Marsha, my partner and I have made six offers on homes in the past 10 months. We always seem to be a day late and many dollars short. We are first-time home buyers in the $1,000,000 range. We hoped the market would cool down. Instead, every month is more expensive then the last. What can we do to get our offer accepted?
A: Since July 2020, the current seller’s market has been slowly building. We have an extreme lack of inventory, low interest rates, and a raging market. We are currently in a mature seller’s market.
When the seller’s market first developed, both agents and sellers were shocked at the sale prices. Homes were regularly going for $50,000 to $100,000 over the asking price, or even more. Sellers were receiving up to 20 offers. Agents now have a better feel for values. Houses are still going for over asking prices, but there may be only four or five offers.