Today’s message is about our market and collective mindset.
In today’s message, I’ll cover three important topics: the market, the best way buyers and sellers can play the market, and our collective mindset as it relates to COVID-19.
First of all, the market is still super hot. I’ve been in the business for 30 years, and if you would’ve told me at the beginning of the pandemic that we’d see this much activity three months later, I wouldn’t have believed you. Low interest rates and pent-up demand are what’s driving the market, so there are still way more buyers than sellers in the price points below $300,000.
It’s a great time to be a seller (depending on your price point and location, of course). We’re seeing some amazing prices for homes being sold. I just had a former buyer client sell their home for $30,000 more than what they paid for it last year.
What if you’re a buyer, though? How do you compete in multiple-offer situations? I’m seeing a lot of buyers who are reluctant to even enter into a multiple-offer situation, and I simply don’t understand it. If you don’t submit an offer for the house you want, you won’t get that house no matter what. If it’s the perfect home for you and your family, why not submit an offer?
If you’re not in the game, you’re not going to win. If you’re interested in a home and you have to compete with other offers, put your best foot forward. If you have to pay $10,000 over asking price and add an extra $40 per month to your mortgage cost, that’s still less than what you would’ve paid a year ago because interest rates have dropped so low.
Now for my thoughts on COVID-19’s impact on everything. I’m seeing a lot of stressed-out clients, but it’s important that we get through this. I was listening to Tony Robbins the other day while jogging, and I remember an important point he brought up: We’re motivated by inspiration or desperation. For the last four months or so, we’ve been motivated by desperation, but let’s get back to dreaming and thinking big.
What inspires you? That’s how you want to be driven. Desperation is a great motivator and will get you moving, but you want to come from a place of inspiration. Let’s start dreaming big again and get out of this COVID-19 doldrum. Get your vision board out and think about what inspires you. Perhaps it’s a bigger house, or getting your kids through college. In any case, let’s move from desperation to inspiration.
If you’d like to talk more about any of these topics or would like to buy a bigger home (searches for larger homes have risen 10% since the pandemic), don’t hesitate to reach out to me. I’d love to speak with you, and I hope you have an awesome day.