Norm Fisher : Working a red hot market

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Working a red hot market

By: Norm Fisher
Monday, February 19, 2007 10:27 AM

Saskatoon is experiencing a boom like I've never seen in the 15 years I've worked this market. Supply of homes is at an all time low and demand has increased substantially. Property values have increased more in the last six weeks than they did in the previous 2 years. There seems to be no end in sight.

I'm having no trouble making this market work for my sellers but I must say that it's very difficult for buyers and it's less clear to me how I can help them effectively. Almost every new listing attracts immediate attention and right now, about 50 of new listings are selling at or above list price. It seems that week by week, new benchmarks are being attained and I am often blown away by the prices people are paying for homes.

I know that many of you have worked this kind of a market in the past and I was hoping that you might give me some tips which I could share with buyers. What kind of advice do you give a buyer who wants to purchase a home which is certain to attract multiple offers well above the list price?

Comments

Member Since '06	Rick Belben said: It won't Last Forever!! February 19, 2007 12:16 PM
Member Since '03	Chuck and Nancy Bianchi said: Get in before your priced out of the market and left standing on the outside looking in, and keep your eye open to the listings at the low end of your range to give you room to overbid if neccessary. And even better yet if anything has been on the market (in my case over 3 weeks) for a while and over the buyers maximum get an offer in. February 19, 2007 2:22 PM
Member Since '07	Carmen and Jeff Bills said: Hi Norm, We had the same type of Market here in the Charleston, SC market but it has now ended with the housing supply at a high level. We stood by week in and week out saying how could that sell for that much??? You have to coach your buyers that if they really like the home, put up or it will be gone. Next you will see more and more FSBOS in your area as everyone will start to think they do not need full service to sell the home. It has taken some time for people in our parts to realize that the heyday is over and prices on homes hae stopped going up a 28-30% a year, thus listings are easier to get, however pricing is harder because sellers are so used to it going fast and for higher prices. Hang in there and enjoy the ride. Happy sales...cause Rick is right it will not last forever. February 19, 2007 3:09 PM
Member Since '05	Beth Larsen said: Yes, fun for sellers, not so much for buyers. The early bird gets the worm, and the READY buyer gets the home, so that means 1) Pre-APPROVED, 2) know the market 3) know their limits and how high they are willing to go in an overbid situation - before even offering 4) know when to walk if they're not comfortable 5) patience and persistence help. Cheer up, it won't last forever. In the meantime, your sellers are happy! February 19, 2007 5:33 PM
Member Since '07	Matt Smith said: Have an Auction. Do it right though. PS contact all your landlords they might want to cash out of a few property's. Matt Smith Auctioneer / Broker February 19, 2007 5:40 PM