As the weather continues to get hotter every day, the real estate market seems to do the same. We are still putting listings on the market one week, have an open house on the weekend after, then have multiple offers, often above the list price by the end of the weekend.
We even have contracts where the buyer waves the option period (something I strongly recommend my buyers not do). And, very often when a buyer is taking out a mortgage, they have to wave an appraisal and pay out of pocket any amount over and above the sales price.
Why is this you ask – the main cause is Inventory Shortage. Sellers don’t want to let go of their low interest rates so are keeping their current homes instead on moving to another home where their interest rate will rise by several percentage points. The price range that seems to be selling the fastest is the upper end, luxury market. One of the reasons for this is that those sellers and buyers either have cash or don’t have to worry about higher interest rates.
At Corcoran Ferester Realty, we have a wide range of buyers and sellers but are a luxury real estate company because we believe that luxury is not just a price range but rather a service. We give each of our buyers and sellers our “white glove” service helping them not just find a new home or sell a home, but guiding them through each part of the process to make the transaction smooth. For our sellers we want to get the highest and best price possible and for our buyers, we want to find that “rare” home in today’s market that will work beautifully for them and advise them on pricing and what is a reasonable price to pay as we research the signs of where the market is heading. Around 90% of our clients are repeat clients or clients who have been referred to us by past clients.
Working with us is like putting your trust in a good friend. Most of my clients become my friends, and 90% of my clients are repeat clients. I am now going on the third generation of families of past clients. It would be my greatest honor to work with you again in the future and most certainly am thankful for your referrals to me.
Beth Ferester