NAVIGATING THE CURRENT REAL ESTATE MARKET!

WHAT TO DO! WHAT TO DO?

The current Real Estate market in New York and Connecticut continues to be HOT and mercurial! It is most definitely a seller's market and one the likes we have not seen for well over a decade. With that said, the selling frenzy has taken a little breather and while properties are still trading fast and furiously, people are coming well prepared to make offers as well as being just as fickle and changing their minds after they have had an accepted offer.

There are a few reasons why this happens.

Real Estate and the business of selling real property is not just about the numbers, it is about the emotions that we all attach to HOME.

In a very HOT market people have to make decisions quickly and are often under pressure to pull the trigger. When this happens, the emotional reaction known as "Buyer's Remorse" tends to kick in harder than usual. If a buyer makes a quick decision on a house that is fresh to the market and especially if they are involved in a bidding war, they will feel that they have overeacted, reacted too quickly, or have been taken for too much money. This wrecks havoc on the seller's emotions and moving plans as well.

Buyers need to understand that buying in a HOT market involves a bit more risk and guts but that does not mean that one is overpaying as selling prices are ONLY based upon what someone will pay-in any type of market. Buyer's remorse is NORMAL! Even rich people in buyer's markets experience this-it is not about the market or the money, it is about the emotion of a very large and important decision.

If you are a Buyer, Before making an offer-draw a line in the sand about what you will and will not pay and understand that if you move that line when you do get emotionally attached to a property, you will FEEL the difference in your gut, likely more than in your wallet.

If you are selling, DO NOT make any final moving plans prior to contracts being fully enforced without any contingencies. Plan for the worst from your buyers and hopefully be pleasantly surprised if all goes smoothly. And do your best to divorce yourself from your current home the day that you list it as you will be in for a ride emotionally as well if you do not buckle up!