Posted by Justin McGarry on Monday, August 6, 2018 at 12:43 PMBy Justin McGarry / August 6, 2018Comment
Multiple offer situations are very common at the moment, and this means there are a few important things today's buyers and sellers should know before trying to navigate one themselves.
During a recent Facebook Live interview, I shared some important tips regarding this particular market trend that I hope will help you reach your real estate goals. For convenience’s sake, I’ve provided timestamps below so you can skip around to the sections of the interview above that interest you most:
0:25 - An introduction to multiple offer situations in our area.
1:33 - What a buyer needs to do when faced with a multiple offer situation.
2:49 - How do cash and the pre-approval process impact a buyer’s success?
4:40 - How important is it for buyers to connect with sellers on an emotional level?
6:36 - How should sellers prepare in anticipation for multiple offers?
7:30 - What are the first steps sellers should take after receiving multiple offers?
9:40 - Why the highest offer isn’t always the best.
11:15 - What to expect as the first steps of working with Lonnie Bush Real Estate.
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.
Posted by Lonnie Bush on Monday, May 16, 2016 at 5:39 PMBy Lonnie Bush / May 16, 2016Comment
Today, we’ll discuss the current market in Hampton Roads. Since I’m often asked about it when I’m out and about, I want to share the five most frequently asked questions about the local real estate market.
1. Is this a buyer’s or seller’s market? This is so interesting. I’ve thought about this for the past five years. The Hampton Roads market is the most unique marketplace I’ve ever worked with. The rates are at an all-time low compared to the last several years. On top of that, there is not a lot of inventory available. In a way, it is a buyer’s and seller’s market. If a property is priced and marketed correctly, both sides win. Everyone gets a great, fair market value.
2. What does the current housing inventory look like? It’s a lot lower than you’d expect because of the low interest rates right now. Although there still is a selection of inventory out there, you have to be smart and wise. There’s different properties out there for different people. Ultimately, the inventory is becoming scarce.
3. How does the current inventory affect the values of the homes in the market? If there are less homes on the market, there will be more desire for them. Thus, they receive more value. When we talk about value, it’s not only the sales price, but a combination of factors. Less inventory means more demand, which drives the price up due to marketability.
Posted by Lonnie Bush on Monday, May 16, 2016 at 5:34 PMBy Lonnie Bush / May 16, 2016Comment
Many home buyers carefully consider the timeliness of making an offer on a new listing. However, how long should you wait to make an initial offer? How long should you hold back before submitting a bid? Here's some tips to keep in mind.
Use caution when making early offers. Timeliness matters! Don’t put in an offer too early or late. Listen to your agent.
Make a fair proposal. If the listing has been active for less than three weeks, you don’t want to make a lowball offer. Don’t make it too high, either. The longer a listing sits, the less desirable it becomes.
Demonstrate your appeal. Share your appeal with your agent. Your agent needs to know you like a property, so they can help you win it. Be honest!
Understand your market. Although there are two separate markets for buyers and sellers, different markets exist for differently priced properties. For instance, properties under $250,000 can expect to sell quickly in today’s climate. Because there is a high demand for these homes, buyers will face more competition.
If you have any questions, please contact me by phone or email! I would love to talk.