Low inventory of available homes for sale is an issue that's very widespread these days and this area is no exception.
There are a number reasons why this has arisen, although it's difficult to point to any kind of silver bullet answer.
For many homeowners, the years of recession acted as a huge disincentive for them to move and, instead, many invested in improvements to their current homes. They simply put the idea of a change on the backburner, and that's where it has stayed.
Whatever the true causes, the situation we find ourselves in is one of extremely high demand from buyers, buoyed by a fast improving economy and highly motivated to take advantage of low cost borrowing. And yet the supply of homes continues to struggle to keep up with it all.
If you're on the fence about selling your home, my strong recommendation is that you seriously consider the incredible advantages of listing in the current low inventory environment.
With fewer homes to choose from, buyers are not only prepared to pay more for a home, they are also more likely to make a purchasing decision in the first place, a key concern being that supply shortages are going to get even worse (which statistics tend to suggest could be happening). It's no surprise, therefore, that we often see multiple offers for a home, often above the asking price.
While there's more competition among buyers, the flip side of the coin is that there's less competition between sellers. This allows your home to enjoy heightened market and promotional visibility and means that you are far more likely to attract viewings.
Remember also that you will have a stronger hand in any negotiations, largely because buyers won't have an awful lot more choice at the moment.
Although inventory shortages aren't going to be solved overnight, buyer sentiment can be an altogether more transient phenomenon, however.
So far this year, there has been nothing but good news for those seeking a home loan, as interest rates have steadily fallen to near record lows, almost entirely as a direct result of the recent turmoil in stock markets. There are, however, absolutely no guarantees that this trend will continue for some time and, if markets are stimulated, rate increases will almost certainly quickly follow, given the general health of the US economy.
Expert predictions at the end of 2015 suggested a quite significant interest rate rise this year. While it must be said that these forecasts were made without prior knowledge of the stock market problems that have so far characterized financial markets in 2016, there are still over 10 months to go and rates simply have to rise at some point in time. When they do, there will be a reaction from buyers, more likely to play a waiting game until rates stabilize again.
There are so many compelling reasons why it makes such sense to capitalize on what is, by any standards, a golden sellers' market right now. Call us today and we'll explain how our approach is geared to maximizing this fantastic opportunity for you.