The world of real estate changes quickly and these days, situations that were rare in the past are starting to become more commonplace. Whether you are looking to buy or sell a home, it helps to understand what kinds of things are common in the current market. By gaining more insight into common real estate occurrences, you can make sure that you are prepared, whether you are buying or selling.
Real Estate Situations That Are Becoming More Common These Days: Waving Inspections
Inspections are an important part of the home buying process, but recently, buyers have been much more likely to waive their inspection. The reasoning for this is because with such a competitive market, buyers really need to make their offer stand out. Deciding against an inspection is risky, but it can shorten the timetable for a purchase and decrease the negotiations that need to occur. This can be very appealing to sellers, especially when they are looking to sell their property quickly.
One thing you should keep in mind when you are looking at the current housing market is that cash offers are becoming far more common. Cash offers give you direct contact with the buyer. These kinds of situations tend to move along more quickly than the traditional sale of a home with a mortgage. Cash offers give a competitive edge to buyers and make things move very quickly.
Real Estate Situations That Are Becoming More Common These Days: Escalation Clauses
Since the housing market is incredibly competitive for buyers right now, it is not uncommon for a home to have multiple offers even within a day or two of putting their home on the market. This has made it essential for buyers to try to make their offers more competitive. Part of this has resulted in offering well over asking price, but that isn’t the only impact to be seen. In fact, escalation clauses have become much more common over the past few years. These clauses give buyers the ability to slowly raise their price as other offers come in. This is a good method for buyers to give themselves a competitive edge without offering too much too quickly.
The housing market is always changing, and no one knows what might be the most common situations in the future. But for now, the three things above tend to be common elements in real estate transactions. Understanding those situations will help you to make smarter choices on the real estate you buy and sell.
Check out this article on how to bring more attention to your home on the market!
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.