Is your teeter totter in balance? : Rooftop Views

Rooftop Views

Is your teeter totter in balance?

An interesting article in today's RISMedia says that the real estate market in the US is in perfect balance - approximately as many homes for sale as there are buyer's to purchase them.

The only problem with this idea is that it's a national survey and buyers and sellers are dealing in a local market.

In Denver for the past several years we have definitely been in a buyers market. Some sellers are still adjusting to that fact but it is true. It is very common for buyers to offer thousands less than sellers are asking and moving on to the next house if they can't make a quick deal.

We had an out of state couple this past week who made a below asking offer of the seller but did give most of the other things the seller wanted including lots of time to find a new home. The sellers dithered. In the mean time, the buyers were out looking at other properties and found one they liked better - for more money! Result? Buyers withdrew offer on house #1 to make an offer on house #2.

We understand that in parts of the northeast it is still a seller's market, but most of the US is undergoing a sea change from the past few years.

If you're thinking of selling in this market, it would be wise to make sure you have balance - in your asking price and in your ability to respond with a quick answer to a potential offer.