Wednesday, April 24, 2013

Inventory Low...Is It Time to Go?

Most recently, I have been out with several buyers who are unable to find housing that meets their needs.  Rewind to 18+ months ago and we had inventory, both good and bad, coming out of our ears.  Currently, we are running around an 8-10 month supply, (a healthy market is considered 6 months) which still may seem high to those of you reading this.  The kicker is that the inventory currently on the market is stale.  Meaning most of what is out there either needs work to bring the home up to snuff or the price needs to be significantly reduced to meet the buyers' demands and expectations. 

We have not only been experiencing multiple offers on properties that are properly priced and in excellent condition but we are seeing favorable offers within days of homes coming on the market.  This is not the result of "under pricing" as some may think, but simply the fact that buyers have a specific location or neighborhood in mind and when a home comes on the market that meets their needs, they jump.

Moral of the story.  If you are thinking of selling and your home is in great condition and your are realistic in pricing, based on recent sales and current competition, please consider putting your home on the market.  If you are not willing to "shine that penny" and price appropriately, then it might be that you wait several more years so that the market meets your condition. 

If you have been considering a move, couple the above with the fact that rates are still hovering under 4% on conventional products and closer to 3.5% for government-backed products and you can be where you want to be and take advantage of current market conditions and rates, which over time may negate the expense of preparing your home adequately for the market.

If  you are considering a move within 2013 and want to talk about your options and current market conditions in your area, feel free to give me a call/text or email me.  As always, there's  no obligation or charge to chat!  I look forward to hearing from you and remember I always appreciate the referrals of your friends and family!!

Brooke

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