Fall 2020 Real Estate Update

Dated: October 1 2020

Views: 47

   HELLO FALL!

September has long gone, school is back in session, and fall has arrived! We're looking at the tail end of 2020, what does that mean for our real estate market? Honestly guys, even with 15 years under my belt, I can honestly say: We're in this thing together! I'm seeing much more cooporation between sellers and agents than I've ever seen. We're all figuring it out together! 

There was some chatter today in the office about the onset of bad appraisals. I fell victim myself to a low appraisal, and usually that looks so bad! An agent that overprices a house, has a reputation of a crook who was trying to overprice a home and take advantage of buyers and snatch up a higher commission. Sounds like a bad gossip chain, right? Well, that's not quite what is happening around here. I think that lenders are starting to be a little more conservative and pulling the reigns tighter on those appraisals; so that our prices aren't totally inflated and we find ourselves back in a situation that we would call a "recession." Its easy to see how easily it can happen: we are faced with a pandemic, increased prices, historically low rates, and shockingly low inventory that's availble for buyers. With such low options for buyers out there, the buyers are all flocking to newest listing and creating multiple offers, or that "bidding war," you hear so much about. Look, I can advise my seller to do the right thing, but at the end of the day its the seller's choice. That decision could be effected by more than price, sometimes it seems to be coming down to terms like possession, loan type, and earnest money. So even though a buyer may want to pay x-amount of money for a house, the bank may not want to lend x-amoutn of money for the house. That doesn't mean that the house isn't worth it! It just means the bank is putting a cap on that loan based of comparable sales. The bank is not the boss! The buyer has options, and sometimes it may be looking into a different loan type or brining money to the table, to make up the difference. And when that's not an option, the seller may wish to seek a back up buyer who has the means. Its happening, people! 

Still thinking about buying this year? There is so much more to look into and decide if this is the right move for you and I'd be happy to be a sounding baord! 

Call today! 440-240-3444

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Nikki Harsa

A lifelong resident of Lorain County, I take pride in my hometown, and hope that you will too! I'm a mother of 2 school aged children and happily married. I volunteered as a girl scout leader, I volun....

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