Which Price Range is Becoming a Buyer’s Market?

To buy a house in a seller’s market, you have got to be competitive. How do you go about doing this?

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I am here today to give you a quick spring market update. Things are starting to heat up here in Sioux Falls.

Our average price is up over 6% from last year. If you own a home currently, that means your investment is going up. Sellers are getting over 99% of asking price, so it does show that we do have a seller's market here.

Prices are going up and homes are selling for almost full price. What does that mean for you?

If you are a buyer and you are looking at something under $200,000, you must be ready to purchase. You should have a pre-approval letter and already be working with a bank. You should have your finances in order because those properties are moving quickly. Having a buyer agent that's working actively to find properties is a great idea because they can help lock down the best deal for you.  

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Sellers are getting over 99% of asking price.

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The biggest opportunity is for people who currently own a home under the $250,000 mark. If you are one of these people, you are in that extreme seller's market and you could get top dollar for your home. If you're looking at buying something more expensive than your current home, you start moving into more of a normal market, especially closer to the $350,000 to $400,000 range. The evening market in that range is even starting to show some favor toward the buyers.

If you're a move-up buyer in this market, now is a great opportunity for you to sell high and buy low. The market is heating up, so don’t delay.

If you have any questions, please let me know. I look forward to hearing from you soon.