Right now we are seeing low levels of inventory and high demand. The bottom line is that we are in a strong seller’s market.
How can low levels of inventory potentially slow down our market?
With an increasing number of buyers entering the market and finding that there aren’t enough homes to choose from, this causes us to experience an intense seller’s market.
The reason there are so many buyers back in the market right now is that so many of them either did short sales or foreclosures years ago and have since been able to repair their credit. And, now that they have, they are looking to purchase homes.
Buyers are also taking advantage of a strong economy and relatively low rates. This volume of buyers, though, means they are facing challenges when it comes to finding a home.
Inventory is very low—so sellers are in the driver’s seat. They have the ability to be more firm on pricing. With the amount of demand that exists right now, sellers are finding it easier to hold out for top dollar.
Right now, inventory is lowest at the starter-level price point. Homes priced at $175,000 or less are the most competitive.
The bottom line here is that if you are a seller pricing your home correctly, it will probably move very quickly.
Also, if you have a rental or any kind of property you’ve been holding onto for a while—now is the time to sell.
But if you are looking to buy, it’s crucial to have your finances in order and to work with a good lender and Realtor. You need to be in a position where you’ll be able to make decisions quickly.
If you have any other questions or would like more information about buying or selling in this market, feel free to give me a call or send me an email. I look forward to hearing from you soon.