Thinventory ( the condition we are calling this very active Sellers market in southeastern Wisconsin....you may use it for yours as well :) ) is causing many changes in the market. It means Agents and Buyers have to run faster and jump higher to be the first ones to a listing. Beyond that,
all the financial ducks must be in a row..Pre approval in hand from a reputable lender...Flexible mindset to be able to work with whatever the Sellers require for a moving date. (We even have multiple offers on short sales which require Buyers to be very flexible.)
We have Buyers who have written on our listings with home sale contingencies....and the home has not yet been listed ! They "know"....and they may be right, that their home will sell quickly and we should roll the dice and "bet on that" and put their offer in primary postion and accept it...probably not. In this market, no Seller has to accept a home sale contingency.... they are looking for the highest and best...and highest is often over the asking price...multiple offers and appraisals escalating to meet the health of the current market.
What is a Buyer to do when they have a house to sell ? Some buyers are researching the opportunity to do a bridge loan...and to many both Realtors and Buyers...that brings to mind the sound of fingernails scraping a Chalkboard. CAUTION....this loan may be hazardous to your financial health/wealth....it is saying....
Another way, some fear for us to cycle back to a distressed market. The very big truth is...one loan does not fit all...and one should look at the worst possible case scenario in terms of how long it may be before a home is sold before making a decision to take on a bridge loan. All bridge loans are not created equally.....and anyone considering one should talk with more than one lender to find out what different programs may be available.
This market is a challenge to Buyers wanting to move up or down...over and around...and we wish you a safe journey to your new home.
If you or anyone you know is considering a move anywhere in southeastern Wisconsin...Call the Hansons, we are honored to be of service.