Supply and Demand

Well it has happened. Almost overnight we have moved into a buyers market with the pent up demand from buyers sitting on the sideline who have now moved actively into the actual market. Listings are the name of the game and if prices have not moved up by now they most assuredly will. It is not uncommon to see competing offers on a particular listing. It is still important to price accordingly and make sure your property is in market condition. If you have done so, activity should happen very quickly. On the same thought, as a buyer it is critical for you to be prepared for an actual hot market. Get a formal pre-qualification from a lender, not a pre-approval. They are not the same! Armed with this pre-qualification you can now easily win a competing offer scenario with all things being the same in the offers. Good Luck!

Richard Wenaas About Richard Wenaas

Richard is the President of Coldwell Banker East West Realty and has lived on Island Lake, the largest of the Minnesota Power chain of lakes for many years.

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