There’s not much point in arguing it anymore; the real estate recovery is happening across the country, and so buyers and sellers are hard at work trying to take advantage of rising markets. For sellers in particular, things are looking very good. So much so that a trend we’ve seen in previous years appears to have come back into full swing: bidding wars.
As inventories in local communities have decreased, that’s put a much higher demand on the few homes that actually have been put up for sale, and buyers are being pushed into situations where they might have to compete with other buyers to get the home they want. That could be a bit troublesome for you buyers out there, but for sellers, of course, it’s fantastic news. When a bidding war starts up, sellers are definitely in a prime position to come out significantly better than they might have expected just a few months ago when the market hadn’t really begun it’s recovery.
For buyers, however, the important thing to keep in mind is that prices for homes in most areas will still be significantly lower than they would be in a normalized market. Are prices being driven up by bidding wars? Yes, however the slow economy and rough market have done a number on housing prices over the past year or two, and you’ll still likely end up with a home at a much lower price than you might have found several years ago. That being said, avoiding a bidding war whenever possible to save on home prices is always the most agreeable situation for buyers.
For information about real estate in Columbia, Illinois, as well as Monroe and St. Clair County, contact Tammy Mitchell Hines.
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