Upper Valley Spring Market Report
It's now one day away from April 1rst and, contrary to the predictions of many pundits and "experts", the real estate market and the rental market in the Upper Valley area, at least, is humming along as if there had been no downturn. Buyers are buying and sellers are selling. The only important difference between this spring market and spring markets past is that the properties that are selling are the ones that are priced correctly. Of course, this has always been true, only now more than ever. Multiple offer sales are quite common this spring, which you would not necessarily expect in a "down" market. Here's why.
What is happening is that there is still a load of inventory out there that is growing every day. The sellers who have gotten good advice from their agents and are heeding that advice are pricing their homes at or very near whatever price it is that they will accept and not dickering very much. Buyers are jumping on those properties that are priced in accordance with the value of the marketplace and, many times, multiple buyers are jumping on the same property. Obviously, "days on the market" figures for these properties are low. Some properties are selling within a week or less and taking back-up offers to boot.
Does this mean that these lucky sellers are "giving their property away"? I'm afraid not. It means that they are actually selling their property at the top of the current market, rather than having their listing sit around for a year or more while they either look for a miracle or try to time the market. The current market is all about value, and for now, buyers and lenders are going to settle for nothing less. Rates are low and there's certainly no better time to buy than right now. If you need to sell, here's my motto that you can sew right onto a sampler: "Price it right and it will sell tonight!"
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