Texas real estate is currently in a seller's market. According to merriam-webster.com, a sellers market is defined as: “a market in which goods are scarce, buyers have a limited range of choice, and prices are high”.
While it is a seller’s market in Huntsville, sellers need to be aware that there are a lot more transactional ups and downs than ever before.
With the buyer frenzy that currently exists, many buyers are jumping on the purchase of a house because their options are limited and they are having buyers remorse. More homes are cancelling during the option period than in the past. Sellers are having to go through the emotional roller coaster of their house going from being under contract to the cancellation of the transaction and having to go through the whole process again.
With appraisals and surveys taking longer than ever, closings are getting delayed by a week, then another week to finally end up with a successful sale, but after much emotional turmoil in the meantime.
Sellers need to be prepared for this emotional roller coaster and remember that they will be financially rewarded since home prices have increased significantly over the past year.
Buyers need to also be prepared for a stressful transaction as there are more reasons for delay in many transactions. As a buyer, the quicker you turn in documents requested by your lender the better. This will help prevent some delays.
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