Take Advantage of Buyer Demand
Moving on Down the Road?
If you’ve thought about selling your house this year, now may be a great time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. The basic law of supply and demand fits today’s real estate market: the best time to sell is when supply of that item is low and demand for that item is high.
Jonathan Smoke, Chief Economist at realtor.com, explains:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
Smoke goes on to say:
“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price, inspection items, appraisal and financing contingencies.
Real Estate Bottom Line
Sellers are in the driver’s seat right now. It may be time for you to hit the gas and move on. Let’s talk!