14 May Why now is the time to sell!
The market is hot and there is even less inventory now than we saw earlier this year. If you are thinking about selling your home, get it on the market while there is still a shortage of inventory. Buyers in the market are having to act fast and make great offers. From tight inventory to high demand across the board, here are our top three reasons to sell your home this spring.
1. Inventory is LOW
We are steadily in a seller’s market with less than six months supply of inventory needed for a balanced market. Homeowners are staying in their homes longer and investing in home improvements. In the category of homes around and below $500,000, especially, there is not enough inventory to support the demand. As predicted, demand will continue to strip supply as we move into the warmer months. The market needs more listings, so if you are thinking about selling, take time to seriously consider your next move for the family.
2. Demand is HIGH
With a lack of homes available to satisfy interested home buyers, the demand to find a home is at an all time high. Buyers are being aggressive and pulling out all the stops to secure the home of their dreams. With lack of competition from other homes in the neighborhood to sell, buyers will be knocking down your door. It only takes 30 to 60 days for a market shift however so if selling is on your mind, don’t wait!
3. The Process is FAST
Lack of affordable housing and inventory challenges at all pricing points is making it tough for buyers to find property. This means that when buyers find a home they like, they will act strategically and fast. Not only are more and more buyers getting pre-approvals, but with this competitive of a market, we are seeing high numbers of multiple offer situations. These cases give sellers the opportunity to choose the best offer for them, often including a quick due diligence period and full / over-asking price offers.