Predicated offers rising
One of the indicators of a shift in the real estate market, is a seller’s willingness to consider taking their house off of the market while waiting for a buyer’s home to sell. In a hot, hot market, it’s not even a consideration. But when things start to slow down, sellers begin to be of the “bird in the hand” mentality, and they are much more open to a predicated offer. Over the last few months, we’ve begun to see more New Orleans home sellers considering the value of such offers.
Of course, the ability to get predicated offers accepted is directly related to the micro market in the neighborhood you’re home shopping in. If it’s an area that’s still seeing multiple offers or homes selling very quickly, there’s not much chance of getting that contingency included in your offer to purchase.
But if it’s a neighborhood that’s cooling down, where prices are flattening and days on market is increasing, your odds are increased.
Your agent is the best source of current market information in the specific area you have in mind. Use their expertise to determine what route will give you the best success rate.