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Hot, Normal, and Cold Markets

Hot Market

This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market

In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Market

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

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Testimonials

“Tanya Ruff is an excellent agent. She came recommended by a friend and I would recommend her in the future. She worked non-stop to keep me informed about the process. She took a lot of questions that I had and answered them promptly. Please let me know if I can write any more references for your company or her.” Thomas & Yuan Kisio
“Tanya Ruff was an absolute dream to work with and I consider her a new friend. She was very professional, honest and helpful to us during this process. We had a very bad experience in the past when trying to sell our house and Tanya made every effort to comfort us and relieve us of any fears/concerns. I hope we are here to stay, but I will definitely use and recommend Tanya in the future. Tanya (also) helped us look at a few properties and her knowledge and expertise was obvious. She helped us find our dream house we hope to live in for many years. She helped us list our house and buy a new house within 30 days of looking at the first property!! She is forever our hero and we are forever grateful!” Randy & Britany Schmidt
“We are very pleased and impressed by Tanya Ruff. She is efficient, offered advice only when asked, and was willing to show us a variety of properties in different locations. Tanya is extremely professional. When we needed anything done, she got it taken care of right away. She’s a credit to your organization. We highly recommend her.” Jeff & Jan Harris
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