Record Low Inventory and Why Now is a Good Time to Sell

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You may have heard that we are in a seller's market.  This means the demand (number of people looking for homes) exceeds the supply (number of homes on the market).  As a Realtor, I work with both buyer and seller clients.  At any given time, I tend to have more buyer clients than sellers.  That's just the nature of the work.  Not all buyer clients will end up buying and many people start looking before they're really ready to buy.  It makes sense.  That said, currently I'm working with 19 buyers and only 2 sellers!  That's nearly TEN TIMES as many buyers as sellers!  


What does this mean?   
We're not only in a seller's market, we're in a HOT seller's market!  The market has record low inventory, so houses are selling fast and often times above list price.  According to HousingWire, and online news source for those in the Real Estate market, 42% of people who bought a home during the pandemic dealt with a bidding war.  Keep in mind that a property still has to appraise for the agreed upon price (or higher) to get to closing, but buyers are doing many different things to make their offer stand out.  This means sellers are not only getting more money, they're also getting very favorable terms.

Image may contain: text that says '42% of people who bought a home during the pandemic were in a bidding war. the time to sell is now $445K $430K $450K $439K Sources: Housingwire; GrammarPros'

What are the stats?
Although there have been fewer houses sold so far this year than this same time frame last year (8,816 homes sold January-May 2020 v. 9,772 homes sold January-May 2019) the average sale price is up a full 5.29%!
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Why is this important?
Lack of inventory means lack of competition against other houses.  If you need to room to grow, want to downsize, or are just ready to move on from your starter home, now is the time to get the quickest and best terms of the sale.  Plus with interest rates at an all-time low, you'll have more buying power for your next home.  So what are you waiting for?  Call me and we'll list your house today!

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