For people who are new in the real estate market, determining if the market is currently competitive could be hard. Good thing real estate agents give tips and hints on the signs that one is currently on a competitive ride.
Talking to real estate agent Jane Peters, Zillow asked the clear signs that show that the current real estate market is competitive. She revealed that a major indication of a competitive market is when the sellers are expecting the buyer to pay in cash for the property.
Peters, a 12-year veteran in the LA market which is home to many extremely competitive neighborhoods, revealed that if the buyer does not have cash, he or she should not panic as it is not the only tool he or she can use in snatching a good property. She said that the buyer can engage in bidding wars.
Bidding is very rampant in a competitive market. It is very common in properties that are in a very good location. If a city becomes wildly desirable to live in, then one can expect that the prices of properties in that city can be truly competitive. One can determine if a city is in demand when it comes to real estate properties if there are a lot of job offers and opportunities that are presented in the area.
According to Yahoo, another sign that the real estate market is competitive is when the selling price rises above the asking price. In the simple rules of supply and demand, one can understand that because of the competition among the buyers, the sellers can have the opportunity to look for a buyer that is willing to pay above the original asking price of the property. This just shows how determined the buyer is to snag the property regardless of the price. With that, sellers can also offer deadlines for buyers to cater to more buyers and offers.
