Market Update May 5th 2019

May 7, 2019

Sold By Michaela/Market Update

Today I would like to take the time to give a market update for homes sold under $350,000 in Westerly in the last 180 days. Our town is in the middle of a super strong sellers market,  making it a challenge when searching  for a home you want. Homeowners of properties for sale in Westerly that are priced correctly can expect many buyers to be interested. In the last 6 months there have been 54 single family homes, 28 condos, and 13 multi families sold for $350,000 and under. Having brought buyers to many of these homes I can attest that competition is stiff to get these properties under contract. There are several things you can do to get prepared to buy. Which would put you in a better position to make an offer. First, and most important is to get pre-qualified. When properties do come on the market that you like, have your Realtor make an appointment right away. As these homes are selling quickly!  Secondly,   ALWAYS, ALWAYS, hire yourself a buyers agent! This is so important as listing agents are working for the sellers. Here are some other very important ways to make your offers just a little better than other buyers in your market.

1. Put your offer in at over asking price

2. Compose a personal letter. Sellers are often likely to choose a buyer with whom they feel comfortable. 

3. Put in an escalation clause. This is a great tool to improve your chances while protecting yourself from overpaying.

4. Considering waiving inspections. This would show the sellers that you are much less likely to back out for home repairs ( if needed).

5. Increase your down payment. This shows sellers that you are very serious.

6. Be flexible on the closing date.

7. Consider a rent back. Sometimes sellers need a place to stay after the closing.                                                                   

With spring approaching very soon let's get your home search started. New homes come on the market every day in South County. Contact Michaela Lamb, Realtor, Broker Owner of Sold By Michaela, to set up a showing at ANY property in Rhode Island and Connecticut.

Michaela Lamb, a multimillion dollar producer, is a Broker Owner at Sold By Michaela. She is a licensed RI and CT REALTOR® and is a member of the National Association of REALTORS®, Kent Washington Association of REALTORS®, and the Statewide Multiple Listing Service. In addition, she is an active member of KWAOR’s Grievance Committee. She holds a bachelor’s and master’s degree.