Congratulations To Paula Piskie of The Ashton Real Estate Group of RE/MAX Elite for being the teams top producer for January 2014 with Sales of just under $1.5M. This is a fantastic start to the year and looks like 2014 is going to be another successful year for Paula and her clients as well as the rest of the team.
With a reduced inventory and increased demand, the cyclical nature of the real estate market is returning to what is commonly known as a Sellers Market. It's already changing the mindset of buyers who are flying in to look at the short list of homes they want to see only to find that half of them are now under offer. Consequently this changes their motivation level from "just looking" to "serious buyers" and when they do find a property they like, they are now ready to pull the trigger, and submit and offer.
As you can imagine, this scenario is played out with thousands of other buyers in the same boat. They need a home and don't want to miss out on the opportunity to buy a home they like. The seller, on the other hand, is now receiving multiple offers. This then allows them the ability to accept the best offer, or let all the buyers that have made offers know, that they are now letting them re offer with their best and final offer.
Now the sellers can narrow down their potential buyers to the final two or three that want the home and they all submit their best offer. At this point the seller can choose which buyer to work with, based on the structure of the offer, the timing of their closing and the general financial position of the buyer. The sellers may take a lower offer, but because of the supporting documentation, feel that buyer is a better fit for their situation.
The end result is that the home sells for more, it becomes a comparable sale for realtors and appraisers, so the next home that is listed uses this sale as a starting point to set the list price. This is obviously higher now, and so starts the appreciation of all the homes in the neighborhood.
Its the real estate roller coaster and looks like 2014 we are climbing upwards...just waiting for the next free fall downhill!
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!