When buyers and sellers get nervous, believe it or not, properties get sold!
Sellers are suddenly accepting lower offers in fear of getting caught short by a market shift. They are seeing that in some circles, the belief is that fewer people are buying due to fear caused by the pandemic and the massive spike in unemployment. The uncertainty can keep many potential buyers on the sidelines, waiting to see how things will play out.
On the other side, buyers are in fear of missing out on historically low-interest rates that we will not likely see again for decades, if ever. FOMO is driving some buyers off the sidelines so they can buy before it gets too expensive for them to buy because of interest rate inflation.
What’s fascinating about this whole situation is that if you remember the 2008 housing crisis, buyers were not panicking, only sellers were. Because of the imbalance, buyers were able to score great deals due to seller panic. Seller’s back then did not know if they would ever be able to sell their home for a fair price. That meant properties were sold for pennies on the dollar.
In today’s situation, with both parties panicking more transactions are getting closed despite the looming mortgage crisis. Listen in to this week's episode to learn new strategies to prosper in these uncertain times instead of being a victim of it.