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March 2024 Market Update

Market Updates The Erin Oldham Team March 6, 2024

March is upon us. Wow - we have seen a big shift in the market in the last month. The inventory is here. There were 35 new listings that popped up last Friday alone! Buyers are out and about and it feels like we are entering a serious spring market.

  • Check the offer deadline. Right now, we are seeing homes sell fast. Sometimes we see agents add offer deadlines after the first couple of days on the market. It is critical for us to check in with the agent as soon as you see something you like. We have seen homes going under in the first couple days on the market, especially with homes under $500k.
  • Check the comps. Before you make an offer, we will check the comparable homes in the neighborhood. We use this analysis to determine whether the home was underpriced, priced at the market price, or overpriced. This is most important if you are using financing as the home will be appraised for its market value.
  • Check your increment. We are finding that because most buyers are using escalation addendums, the increment you are willing to pay over other offers is really important. Because a seller can pick whatever offer they want, your offer needs to be significantly higher than the next higher offer. We are finding this is a minimum of $10k over, and higher on higher priced homes. $5k is still working on homes priced under $500k. Things are constantly changing - ask us about the latest!
  • Check your cash. This makes a difference as you will be able to put more down on your loan which will decrease your interest rate. It can also help you compete in terms of the price you offer and in terms of covering an appraisal gap (let’s discuss!).

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