- this past week. I spoke to four agents that had listings sell well above asking within days of being placed on the market.  There's a qualifier though. All of these homes were priced between $150,000 - $200,000.00. Based on the facts, it's a pretty safe bet, at least for one segment, that we're in a seller's market.  

I can think of two factors that likely influence this newest development.  

New construction is an unpredicable beast.
Because of the labour shortage it's taking longer and longer to complete a new home.  It used to be that you could expect to move into your new home in 4 months. These days it's taking 6 - 8 months. Along with that, most builders are now adding a clause to their contracts that allows them to pass along cost increases to the buyer up to two weeks before they begin construction. Resale homes offer a quick, predictable alternative.

The expected economic boon.
With a number of mega projects in the works people are speculating. Home owners are holding onto their homes hoping to sell for more money further down the road. Investors are buying, hoping to capitalize on the promised influx of people and cash.  

What's a buyer to do?
Get yourself a good agent. Get pre approved for a mortgage. If you're considering buying in the next few months, don't put it off. Ask your agent to put you on an automatic home notification, that way you get to see homes as soon as they come to the market. Use your agent when you're looking at private sales. Most sellers know the market is hot and will likely price their home high. Your agent can protect you from paying more than a home is worth. If you see a home you like, and your agent thinks its a fair price, don't play hard ball with contract conditions and price. A good agent will help you choose the terms and conditions necessary to protect your interests.  

Call or email if you would like to take advantage of this unusual market to buy or sell your home now. I'm also available to answer any questions you may have about St. John's Real Estate.