The Hope Diamond.
The White Peacock.
Homes available for sale in Monroe County.
These are just some of the rarest things currently known to mankind. As I mentioned in a previous blog, the number of properties available for sale in our six-county region has plummeted 87% in the past five years. Meanwhile, the number of buyers hoping to purchase a home has remained the same; there's actually ample evidence to suggest that their size has increased. Although the number of buyers currently searching for a new residence is unknown, their behavior is on full display. Like the shrieking, hyperventilating, teenage girls watching the Beatles perform on the Ed Sullivan Show, local buyers are also behaving in a manner that screams, "Choose me! Choose me!". This isn't meant as criticism- it's simply the order of the day. In order to even remotely stand a chance of winning out in today's bidding wars, buyers are setting aside all rational behavior and writing all-cash offers, $50,000 over asking price, with no inspections. Sadly most prospective buyers stand as much chance of prevailing in a bidding war as did Patty in row B of Studio 50 of the CBS Theater who had hoped to spend an amorous moment nestled in the arms of Ringo. The competition is simply too stiff.
Sellers, on the other hand, are making a killing and that is the real point of this blog. If you have any interest in moving sometime in the near future, you may want to consider putting your house on the market for sale immediately. I've been plying my trade for more than thirty years and I've never experienced this kind of hysteria. Homeowners are negotiating prices that are 10% to 15% above what it is that they could have secured last summer. If that sounds appealing, then we should definitely talk. If, however, you have worries about where it is that you'll go once you've sold your home, I'm glad to report that we've had great luck negotiating closings that are taking place three or four months into the future. That's a lot of time to figure out where it is that you- and your newfound bounty- will settle. Sure, you can delay the installation of a "For Sale" sign in your front yard and hope that, later this year, market conditions remain as favorable. However, as the Fab Four recorded on their album, Revolver, "Tomorrow Never Knows".