Inventory is very tight right now in many markets across the country. Here in Clark County, Washington that is very much the case. Buyers are snatching up all the clean, well priced and move in ready properties in the first couple of days they are on the market. Multiple offers on these homes are becoming the normal rather than the exception.
When it comes to homes that need some attention and minor repairs, these tend to hang around a bit longer. These are the homes that buyers can acquire without getting into a bidding war with half the county. The market over the last year or so has been filled with eager buyers looking for move in ready properties. The fixers are not seeing the rush of buyers.
As a Realtor®, I often find myself with frustrated buyers that have been outbid or too slow to act to get a house. I try to show them properties that need a little TLC but are still financable but some buyers just don't want to deal with any "fixing". One idea that can help these buyers is to seek the fixers that have a willing seller and get the seller to make the repairs before closing. Buyers that are up against a financial barrier have to remember that they may not get the perfect move in ready, big house on the small dime. There are often choices between a smaller property that is cherry or a bigger property that needs a little work.
The important thing to realize is that as prices continue to nudge their way higher, the buyer only gets in a tighter spot. Unless that buyer gets a huge promotion or takes a new job making allot more money the housing prices are rising faster than income.
Some buyers need to consider buying a smaller home to start and then use the equity they gain over time to leverage a larger property a few years down the road. Real Estate can be a very good way to build wealth and having the benefit of both a home and an appreciating asset is a major step towards financial independence.
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