The Seller's Market is Cooling Down | Monday Minute

2020 and 2021 has been quite the year.  Especially when it comes to real estate.  We have all seen the memes and most have felt the agony of losing multiple offers to competition willing to pay $20,000 - $50,000 (or even more) over list price.  We might not be completely out of the woods, but the market has started to cool down, making it a better time to start back on the home search if you weren’t so lucky to get under contract before.While the market hasn’t flipped to be a “buyers market” fully, the inventory levels have started to catch up to some of the demand and we are starting to see homes sitting on the market for more than the weekend.  In fact as of the recording of this, there are over 70 homes in Frederick county, MD that are over 30 days on the market.  So what does this mean for you?

1. Home inspections are back.  Many buyers over the last year had to forgo a home inspection all together.  Now, being able to write in a home inspection is something we are seeing more and more, and not just as is inspections.

2. Appraisal contingency.  One of the craziest things that buyers dealt with in this past market was waiving a portion or the entire appraisal.  Now that things are cooling off and not every home has a competing offer, buyers are able to purchase a home with the security of knowing they didn’t have top pay over the appraised value.

3. Home to sell contingency. If you are like many home buyers, you also have a home to sell.  And often many home buyers have to sell before they can qualify to purchase the new home.  Now, we are starting to see sellers accepting these home to sell contingencies, making it much easier for coinciding settlements to take place, that way you are only having to move once!

If you put your home buying plans on hold but are ready to get back out there, give us a call.  We look forward to helping you!