It varies – my area is not your area.

I see a lot of responses boldly proclaiming that it is now a buyer’s market or “the market is cooling, stick it to greedy sellers!”

As with all things real estate, the market in Sioux Falls, SD is not going to be the same as San Francisco or even Des Moines, IA.

It has been 70 ish days since I bought, three months+ since I made my last offer and less than two weeks since I sold or 36 days since I received an offer as a seller.

Of course things can change. My realtor just negotiated his first offer with an inspection for this year today. But, his quick calculation is that 60% of the offers he is making are over list price. Even with lower than list price offers, inspections are still being waived.

Desirable houses are still only on the market for 24 hours or a weekend if the owners have a deadline to accept offers.

Even with rising interest rates, my market is still crazy. 3/3/3+ buyers have thinned out, but it doesn’t mean there isn’t still active competition.

For those buyers and sellers who aren’t very knowledgable about your area, learn as much as you can from your realtor and from your friends, family and co-workers who are in the process. Study the recent sales on Zillow. When did it list? For how much? When did it go pending? When did it close? For how much? Ask your realtor what XYZ means.

Example: a starter home less than 15 years old lists on June 1st for $200K and sells for $220K on June 15th. This *probably* means someone brought cash to the party.

List price is hard to pin down – did the sellers list low to get a bidding war started OR was it priced where it should be and someone offered 10% more just to get the deal done?

It‘s still very possible to learn from this Reddit. Both from a knowledge base and by errors people make.

submitted by /u/Giwu2007
[link] [comments]

I see a lot of responses boldly proclaiming that it is now a buyer’s market or “the market is cooling, stick it to greedy sellers!” As with all things real estate, the market in Sioux Falls, SD is not going to be the same as San Francisco or even Des Moines, IA. It has been 70 ish days since I bought, three months+ since I made my last offer and less than two weeks since I sold or 36 days since I received an offer as a seller. Of course things can change. My realtor just negotiated his first offer with an inspection for this year today. But, his quick calculation is that 60% of the offers he is making are over list price. Even with lower than list price offers, inspections are still being waived. Desirable houses are still only on the market for 24 hours or a weekend if the owners have a deadline to accept offers. Even with rising interest rates, my market is still crazy. 3/3/3+ buyers have thinned out, but it doesn’t mean there isn’t still active competition. For those buyers and sellers who aren’t very knowledgable about your area, learn as much as you can from your realtor and from your friends, family and co-workers who are in the process. Study the recent sales on Zillow. When did it list? For how much? When did it go pending? When did it close? For how much? Ask your realtor what XYZ means. Example: a starter home less than 15 years old lists on June 1st for $200K and sells for $220K on June 15th. This *probably* means someone brought cash to the party. List price is hard to pin down – did the sellers list low to get a bidding war started OR was it priced where it should be and someone offered 10% more just to get the deal done? It‘s still very possible to learn from this Reddit. Both from a knowledge base and by errors people make. submitted by /u/Giwu2007 [link] [comments]

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