Hazards in a F.O.M.O. Market
There's massive buzz today about how crazy things are for home buyers and how low housing inventory is. We expect this to continue with a demographic wave of buyers and a historically low number of homes for sale today nationwide. New construction is not meeting demand. While this is discouraging for many, there has been a slight but noticeable increase in new listings hitting the market in the past month. It may take a bit of time for the feeding frenzy to taper off, but there's a little light at the end of the tunnel.
Meantime, things are tough with buyers writing earnest offers, significantly over list price, waiving contingencies and promising their first-born, just to learn that the seller chose a different offer. For sellers, there are three big hazards too: 1) overpricing and still being on the market after more than a weekend, 2) accepting a buyer who's overbid and then gets cold feet or can't see it through, and 3) the question of what your next move will be.
Selling or buying, we counsel our clients to be mindful of and avoid the "fear of missing out", or FOMO, effect. Your sale or purchase should be strategic and make sense for you long-term. Both selling and buying can be done with the right professional helping you set strategy.
We want your next move to make your heart sing, not break. Call for a personal consultation today.
Hasson Company Realtors
15400 SW Boones Ferry Road
Lake Oswego 97035