Unprecedented housing market stuns Quad Cities realtors: “I’ve never seen anything like it”
DAVENPORT, Iowa (KWQC) -
In a hot real estate market, home inventory is low and competition is high. Buyers can feel like they’re on an emotional rollercoaster because buying a home in a strong seller’s market does present challenges. But it is still possible to get an offer accepted on a place you’ll love. And sellers should not assume that this environment means quick, easy money. It can mean a faster sale at or above asking price. However, there are pitfalls and the possibility of strange scenarios created by eager buyers about which a seller needs to be aware.
Two industry experts were guests on PSL to discuss the current “crazy” market conditions. Sharon Smith is CEO of Quad City Area REALTORS, an unaffiliated organization that serves to enhance the ability of member realtors to conduct business successfully and ethically. Matt Schwind has been a longtime Managing Broker with Ruhl and Ruhl.
The interview begins with Schwind quickly pointing out, “I’ve been selling real estate for thirty years and I’ve never seen anything like it. The rules of the game have changed and we’re all just trying to figure out it to do the best we can for our clients.”
This unprecedented market in the Quad Cities is not unique. Smith emphasizes, “The one thing is, we’re not alone. The entire country is going through the exact same thing we’re going through.” Low inventory, historically low mortgage interest rates, pent-up demand for new housing, and the pandemic are all factors that created the tumultuous situation.
It may seem like the COVID-19 pandemic ushered in these new rules for home shopping and buying, but the truth is, low inventory of listings had been trending in the years leading up to 2020---when the market definitely bottomed out.
Watch the interview segment to learn more about the current QCA real estate market, what conditions led to it, and great tips on how to best navigate it whether you are a buyer or a seller. The hottest, most competitive market for homes for sale in our area are priced under $400,000.
Some strong tips for buyers: Be prepared to pay top dollar / Get preapproved for a mortgage loan / Be prepared for a bidding war / Bring a knowledgeable “handyman” type of person to showings (because competition often demands sales without inspections)
Tips for sellers: Price the property right! / Carefully plan a selling strategy with a realtor / Be prepared for multiple showings and multiple offers / Don’t simply focus on price---consider contingencies, closing dates, & all things in an agreement / Be aware that you may be confronted with strange wooing techniques and promises from eager buyers
To sum it all up for both buyers and sellers, Paula jokes, “Consult with your realtor!” Smith totally agrees and strongly advises, “Don’t go it alone!”
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