The Weather is Cool but Homes are HOT!
Who Could Have Guessed COVID Would Make Homes Sell?
For the strangest year in our life, it is hard to believe that homes are in high demand! In February and March it looked like it was gunna be a slow year. Fast forward a global pandemic and home sales have jumped 10% across the country. Here in Bismarck and Mandan, we've swallowed our inventory and cut down absorption rate (how long it would take to sell all the homes listed) by 45%. If you are looking to buy a home or upgrade, this is for you.
Your Hot Market Strategy
If you have a home to sell - you are in luck! I've witnessed homes that I sold just last year around $200,000 appraise for $220,000 just a year later. That's some real money to use for the next home.
If you are looking to buy with nothing to sell, then you are the most sought after buyer. You don't have to wait on an appraisal, inspection, or other slow moving parts of the hot market.
So what does this process look like and how long does it all take?
- Get Approved - YOU HAVE TO DO THIS FIRST BECAUSE MULTIPLE PEOPLE WILL OFFER WITH YOU
- Find a Great Agent - One who can show you properties ASAP since there will be multiple people looking
- Be Ready to Make an Offer - If the home is decent and priced right, it will sell in a day!
- Give Yourself Time for Inspections - Many inspectors who make sure you're happy with the home can be booked 2-3 weeks out, so give yourself time to fit into their schedule
- Get Ready to...Wait - Appraisals are taking 6-10 weeks (even longer out of town) so that means it will be at least TWO MONTHS before you are moving if you are using a loan
- 2 Weeks to Close - transfer utilities for closing date, cable, internet, insurance, etc
- Final Walkthrough - last chance to make sure all cleaning, repairs, etc are done
- Close! - Sign 32-68 times and you get a new set of keys!
At the beginning of 2020, you could buy a house in 30 days and turn in your rental notice. Now, you find a house, get it under contract, THEN notify your landlord you will be moving. I recommend you get through the inspection phase first just to be sure.
Be Ready to Move Fast then Wait
That's really it. If you are using a loan to buy a home, it takes 2 months to purchase a home in our area now. If you go rural, 3 months. If you have something to sell under $400,000 you will love how fast decently priced homes go under contract. Just be ready to compete to find your next home.
Inventory is dwindling, financing is amazing, appraisals are slow so be ready to sprint, jog, and walk through the finish line with todays market.
Contact Me Today
Let's find you the right home at the right price.