Competing in a hot seller's market
Updated: Apr 20, 2021
Another crazy day in the real estate market. Here are your 24 hour statistics for the Billings Market
New listings: 24
Under Contract: 32
Back on the market: 26
yes folks, that means inventory levels are increasing not decreasing! Thank goodness. It is still an absolute battle out there for buyers. Over asking, non-refundable earnest money, waiving inspections and appraisals. Buyers are doing everything it takes to make their offer stand out amongst the pile. Buyers are exhausted and frustrated, and with good reason. Competing with cash offers over asking and buyers that can afford to forego appraisal values is a difficult mountain to climb. Buyers with zero down options such as VA and USDA are being shuffled to the bottom of the pile due to stringent lending and appraisal practices, making it even harder for our veterans and lower income buyers to purchase. Out of state money is certainly a factor, weighing heavy on property values and time on market. What can we say. Montana is a gorgeous state, we couldn't keep the secret forever. Hang in there and get yourselves a diligent Realtor that knows market and some tricks to set you apart from the rest. In a market like this, representing yourself as a buyer is house hunting suicide. Unrepresented and unvetted buyers will rarely reflect well with a seller. Keep the odds in your favor, don't dilly dally and stay the course and you will find your dream home.