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It's looking as though March, typically the last quiet month before the peak selling season, is going to be a good one if the talk on the street can be believed.
Real estate agents from different brokerages that I have talked to have reported activity way above normal, and the internal home sale numbers we are seeing indicate that inventory is dropping rapidly.
One sign of a potentially bigger movement in the market is the return of competing offers and renewed talk about escalation clauses. I am hearing that it’s not uncommon for decent home listings in the $100,000-$200,000 price range to be getting several offers to choose from.
An escalation clause is when buyers offer to up their price should a competing offer be in front of the seller for consideration. Not everyone likes these and they need to be handled carefully by the buyer’s agent and in a fair fashion, but they can happen nonetheless. On the bright side, these are indications that buyer demand should be strong this year.
If you have a property listed and are lucky enough (i.e., priced right) to get competing offers, we’d love to hear how it worked out for you. If you haven’t listed yet, be sure to take the steps necessary to get your place ready to show and priced to sell.