If you’re contemplating buying or selling property and have heard the term “low inventory,” you may be wondering exactly what that means to you.
Inventory refers to the number of listings currently for sale. There are several factors that contribute to low inventory, one being the season. Generally the fall and winter months see a lower number of homes listed. Other factors include: the economy: consumer confidence, interest rates, housing starts, employment rates, etc. But what does this mean for you?
Buyers - it’s no secret that buying a home when inventory is low is more difficult. You’ll have fewer options in your price point with more people going after the same property. When making an offer, you should be prepared to act quickly and offer more than the asking price, especially in a multiple offer situation. However, that is not always the case, especially with the right negotiator in your corner! We help you to know the market, and to be comfortable with the research and comparative analysis. We help take the guesswork out of what is and is not good value so you know you are buying the right house at the right price.
Sellers- Listing your home in a low inventory climate means that you need to be prepared for action! Have your home ready for our professional photographer and with all your little “fix it” projects completed. Then…the closer your asking price is to the selling price, the more people you will have viewing your property within the first several days. Most of the activity of a new listing happens within the first two weeks. So be ready for short notice showing requests and be accommodating. The more showings you get – the greater your chance are for an offer…or two!
With the right agent, you can succeed in any market! Whether you are thinking of buying or selling, we are here to help.