Sellers: The Oasis in an Inventory Desert
First-time homebuyers are flocking to the real estate market by the thousands to buy their dream home. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!
According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.
Some sellers may be hesitant to list their homes for sale because they are worried they will also have a problem finding a home to buy and move to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live!
But there is good news! If you are thinking of moving up to a luxury or premium home, there is more inventory available in these markets and you may even get a great deal on a home that has been on the market for a while.
If you are the owner of a starter home and you are looking to move up to the next level, or if you are just looking to relocate to a new area in a home of the same size, it can be done.
In many markets, homeowners are building contingency plans into their contracts. This means that the homeowner builds in extra time before they close in order to find their dream home and they are upfront about the contingency with any buyers who come to see the house.
Your home is an oasis to buyers who are searching for homes in today’s market. The right buyers will understand and wait for you and your family to find your next home. Many buyers will agree to a post-closing occupancy agreement which allows the sellers to rent back the property for up to 60 days.
Real Estate Bottom Line
Don’t let the fear of not finding a home to move in to stop you from moving on with your life. Let’s get together to discuss ways to set expectations with potential buyers from the start.