US real estate market trends to come


There is no doubt that, also in the real estate sector, what is happening in the United States sets trends in the rest of the world. But which of the practices that are working there will shortly arrive in our country? At Fotocasa we have spoken with Fernando García Erviti , director of the  Council of Realtors Specialist (CRS) and a great connoisseur of the North American market, and he has given us a vision of the situation. Above all, it aims at a key concept: multiple offers.

The seller has the power

According to the expert, in the United States right now the market has much more demand than available inventory, so the one who has the power is the seller . And, as a consequence, the multiple offer system prevails. “That is, instead of putting a very high price and waiting for an offer to come, it is about putting an attractive price to get many offers and then, among those offers, deciding which is the most interesting,” says Fernando García Erviti . You can even give the situation of negotiating the final price from these offers. “They are told ‘I have all these offers, if you are willing to upload your offer, maybe I would accept it.'”

Up to 20% more for multiple offers

Although the multiple bid system is not exactly an auction, the operation implies that, in the end, the highest bidder is the one who takes the property . And that, sometimes, involves significant price increases with respect to what was initially requested. “In the United States right now we are seeing situations in which the final sale price becomes up to 20% above what was being asked for,” specifies García Erviti. 

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Reputation for real estate agents

These good results from multiple offers for sellers reverts to a marketing strategy for real estate agents , which are advertised with phrases like “the sellers who work with me are selling for 20% more than they asked for.” “It is a good advertisement for a real estate agent without a doubt,” values ​​the expert. 

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Separate agents for seller and buyer

Obviously, these types of campaigns are very attractive to selling customers, but they worry buyers. Fernando García Erviti’s advice is that both types of clients have their own real estate agent who looks after their interests. “We have to get the market used to the fact that both the seller and the buyer need to have their real estate agent to advise them. If we achieve that, we will have a more transparent market, a market that works better and a more serious profession as well, and more respected, ”he says. 

The market trend for the coming years

The experience of Fernando García Erviti leads him to affirm that what is happening in the United States helps him to predict with great success what will happen here in the coming years . “I have my crystal ball. I go to the United States, I see what happens there and it does not fail: between two and three years later I see myself in the same circumstance here, with which it is relatively easy for me to predict the things that are going to happen ”. 

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And the prediction indicates a certain change of course. “Right now I see that there is a fatigue in the market in the United States. After four, five or six years that they have been very strong, I am seeing that the market is beginning to tire and the number of transactions is beginning to decrease. What is this going to mean? Does this suppose another crisis is coming again or is an adjustment coming? ” Be that as it may, that situation has not yet crossed the pond. “At the moment we are going to have positive prospects and I think we can continue to count on a market that will continue to rise,” concludes García Erviti.

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