Multiple offers and low inventory seem to be the theme in the Sioux Falls real estate market — especially in certain price ranges.
In the past week, we have seen anything from three to nine offers for homes up to $300,000. If you are in the market to move up, I seriously would consider making a move. Rates are great, and many sellers receive over asking price.
If you are in the market to buy a home for $300,000 or less, be ready to make an offer that day and to be competitive. There is a good chance asking for seller-paid closing costs will not win the deal. You just need an aggressive agent who can find creative solutions and look for other ways that the seller would favor your offer.
In April, new listings were down 20.7 percent, while pending sales were up 68.8 percent. It is no wonder why we are in this situation. Active listings are down 22.5 percent from last year, and closed sales are up 13.6 percent. Currently, for homes up to $450,000, the inventory is very much a seller’s market. The price points between $450,000 and $800,000 lean more toward a buyer’s market, depending on what neighborhood you are in and how you have prepared and positioned your home on the market.
When things change, as a business you have to pivot with it.
Our CEO of Keller Williams Realty, Gary Keller said, “What sabotages our ability to reinvent ourselves is the attachment to the way things used to be.”
In most businesses, we have had to change and adapt quickly so we don’t get left behind. There are many things we did to pivot. As part of our pivot, we created a COVID-19 Safe Seller Program & Virtual Buyer Program. This strategically designed program will help you buy or sell with your safety as the No. 1 priority. You’ll find options for virtual tours and showings, e-signatures, private walk-throughs, curbside closings and much more. I guarantee you will feel comfortable buying or selling a home once you see this program.
Stay safe, stay positive, and BE HAPPY! For information on our Allen Edge COVID-19 Seller Plan, please call any of our specialists at The Allen Edge. You can reach me, Tara Allen, at 605-929-5010.