Did you miss out due to multiple offers this spring?
Don’t give up, yet! You will have a second chance to buy without overpaying because the housing market seems to be normalizing.
Now is Not the Time to Overpay!
On Friday I toured a few listings with one of my buyers. All were in Dublin and listed for close to $400,000. Let me be blunt – most were appalling.
One house was truly memorable, but not in a good way. Everything was original, the furnace 30 years old, original oak cabinets in the kitchen, and totally outdated bathrooms.
Worst of all, the dog smell was overwhelming.
This house was listed for $230 per square foot.
For comparison, the average price per sqft in the Dublin School District was $195 in May, and for $200/sqft you could build a new home.
This listing was definitely overpriced!
With record low inventories some sellers seem to think that “everything goes.”
But that will change soon.
We have noticed a considerable drop in the number of offers and showings since the height of the boom a few months ago.
Instead of 50 showings and 10 offers you “only” get 20 showings and 2 offers on new listings. The market is normalizing.
3 Indicators of a Shifting Market
- The inventory has increased to 2,488 active listings. That’s 900 more than at the end of May.
- The number of new listings was 20% higher in the past quarter than a year ago.
- The showing activity is now lower than in 2019 or 2020.
Well maintained and renovated homes will still attract multiple offers over list price. Properties that have not been updated for years will take longer to sell.
If you missed out this spring, now is the perfect time to get back in the market. You will have a second chance to submit a winning offer.