Buyers of homes in Prescott have been involved in bidding wars for most of the properties that have been listed.
While prices remain high, the number of bidding wars seems to be slowing down.
Nationwide, the number of houses subject to multiple offers is lower according to this article in RedFin:
While sellers continue to have the upper hand, buying a home has become slightly easier this summer as the country’s acute shortage of homes for sale is no longer intensifying and the market has undergone its typical seasonal slowdown. Home-price growth is stabilizing following months of record gains, and measures of competition aside from the bidding-war rate are also losing steam.
“Sellers are still pricing their homes very high, but a lot of buyers have had enough and are no longer willing to pay the huge premiums they were six months ago.
Read the entire article at: https://www.redfin.com/
If you are looking for a house in Prescott, be ready to offer more than asking. Have your agent write an escalation clause into your offer. You should still be prepared for disappointment.
Typically, an escalation clause has been used to beat other buyers.
An escalation clause says that you will offer a specific number of dollars over any other valid offer, up to a set price.
Talk to your agent about the best offer strategy before you find a property to buy.
Prescott is still a very desirable real estate market. Prices continue to go up.
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