February 12, 2018

The Problem With A Hot Housing Market By Heeran Workman, REMAX PLATINUM Real Estate Omaha Nebraska



The housing market has been on fire the last couple of years in the Omaha Metro.  In 2017 14,581 residential homes sold and in 2016, 14,644 sold compared with  11,296 homes sold in 2012.  That is over 20% increase in sold homes.  Many home sellers have experienced multiple offers with bidding wars from buyers who were competing with one another.  So what's the problem?  Isn't a hot housing market a good thing?  Mostly yes, but it does create its own challenges.

Buyer Challenge:  When the real estate market is great for sellers, the shortage in inventory can create stress for the buyers.  By the time a buyer can even schedule a showing on a new listing, the property may already have multiple offers on it.  There are also buyers who have repeatedly been beat out by other competing buyers.  For buyers who have flexibility of time, this might be an inconvenience or an annoyance.  For the ones who absolutely need to lock in a contract where time is of the essence, this type of market creates many difficulties.

Seller Challenge:  The same sellers who are enjoying high prices for their homes and multiple offers can also find challenges themselves with a hot market.  Sellers have a fear that if they put their home on the market for sale, that it will sell too quickly and they won't have time to find another one to purchase.  Also, with the lack of inventory, they are afraid that they will have to settle instead of being able to purchase their dream home.  Or in the worst case scenario, they are afraid that they won't be able to get a home purchased due to getting beat out by other buyers.  "I don't want to sell my home and be homeless" is a common fear.

Solutions:  On Heeran's Home Team, we have strategies to help our clients overcome the 2 hurdles stated above.  For our buyer clients, we utilize a combination of a technology tool along with our YIKES campaign to find our buyer clients unmarketed properties.  These identify homes and home owners who are interested in selling but the homes are not marketed or advertised anywhere.  They are not listed nor are they for sale by owners.  If our buyers do have a home picked out, we also use a specific purchase strategy to help beat out other competing buyers without blindly over paying for that listing.

For our seller clients who also need to purchase a home, it is very important to us that they don't just "settle" for a home out of desperation of being homeless once their property sells.  Heeran's Home Team structures terms of a purchase contract so that the seller has the proper time and protection to be able to purchase the right home.

Are you thinking of making a move?  Call 402-318-SOLD (7653) for a free consultation.
By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE Real Estate