What Happens When the Market Favors Sellers?

What exactly is a seller’s market? Let’s find out.

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What is a seller’s market? This is a question I’m commonly asked, so I’m going to address it today. Contrary to how the name may make it sound, a seller’s market actually means that there are more buyers than sellers. A seller’s market is one that favors sellers. Let me give you an example. Imagine a town with 10,000 households and 300 houses for sale. Not many people move in this town, but there are a couple of new businesses in town, and these businesses are drawing in new employees. All of these buyers are competing over the same 300 houses.

When the market is in the seller’s favor, they can sell quickly and for top dollar.

According to the laws of supply and demand, this sets sellers up for success. When there is a limited supply of a product, the people who are selling it can take advantage of the increased demand. This applies to real estate as well. When the market is in the seller’s favor, they can sell quickly and for top dollar. However, buyers in a seller’s market are not necessarily at a loss. There are some tips and tricks you can use as a buyer to still get a good deal. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Check Out This New Music Video Featuring the Donovan 3

Today, the Donovan 3 are singing their rendition of “Do You Believe in Christmas?”

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We’re almost to the end of the year, and the holiday season is in full swing with happy people everywhere. Here at Donovan Home Sales, there’s something magic in the air. If you hear a song and start to hum along, it may just be the Donovan 3 singing their rendition of “Do You Believe in Christmas?” If you want a reason to get into the holiday spirit and enjoy a catchy, festive tune, go ahead and watch our new music video.

What Is an Inspection Contingency?

Welcome back to another episode of “Keeping in Tune With the Market.” Today’s question is: What is a home inspection contingency and how do I deal with it?

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Welcome back to another episode of “Keeping in Tune With the Market.” Today’s question is: What is a home inspection contingency and how do I deal with it? Imagine you’ve just found a great home or a great buyer for your home, and the time has come for the home inspection. A home inspection is usually done before an offer is made or accepted. A home inspection contingency is an addendum that is placed on a contract that states certain agreed-upon repairs must be completed within a given time frame. After a licensed home inspection company has completed the inspection, which takes about an hour, they will then submit a written report to the buyer. The buyer will turn the report over to the agent, who will then turn it over to the seller. Sometimes, structural or safety issues may be uncovered during the inspection. But it’s important to remember that not every item an inspector puts on the report is urgent. Some issues will just be cosmetic.

Not every item an inspector puts on the report is urgent.

But if there are major repairs, the buyer’s agent is going to make a repair request of the seller. A seller can obtain a second opinion from another professional at this point. Once the buyer and seller are made aware of the items on the inspection report, negotiations can begin. It’s critical that everyone approaches these negotiations reasonably. After everyone is in agreement, the seller must take care of the agreed-upon repairs prior to closing. The seller will need to provide the buyer with written receipts for any and all repairs. There is still the possibility of the contract being canceled by either party if they cannot reach a consensus on a given item. However, if the contract moves forward and all repairs are taken care of, then the inspection contingency will be removed. If a transaction is taking place between a good buyer and a willing seller, it’s best to take care of these issues as soon as possible. Additionally, if you’d like a free copy of our report on how to avoid 11 costly home inspection mistakes, send me a quick email at info@homesbydonovan.com or text me at (516) 822-1222. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.