Every real estate agent you know is shouting, "LOW INVENTORY! LOW INVENTORY!" Maybe so much so that you've tuned 'em out or keep thinking, so what? What's that got to do with me?
Truth is if you're a homeowner thinking to sell or home shopper looking to buy, low inventory means EVERYTHING!
FOR THE HOMEOWNER LOOKING TO SELL:
• The time is NOW! With low inventory (translation: not many homes are for sale), you're not going to have to compete with as many other homes to attract buyers.
• Even with low inventory set your asking price at market value. Doing so means you’re likely to attract more buyers and possibly set off a lucrative bidding war.
• You're going to get a greater return on your investment. Rising prices mean that homes are also gaining value!
FOR THE HOME SHOPPER LOOKING TO BUY:
• Time is of the essence when inventory is low. Do everything you can NOW (gather down payments funds, get pre-approved, have your home ready to sell) so when you find your dream home you. can act, and act fast!
• Keep your offer as "clean" as possible. Now isn't the time to pack your offer up with contingencies, concessions, closing dates, endless list of repairs.
• Beware of renegade emotions. Whether it's a competitive bidding war or losing out on another home you just KNEW was the one, fight to keep your emotions in check. Stay patient and stay in the game — the right house will come along at just the right time.
If you have even the slightest inkling of selling, DON'T PUT IT OFF any longer. At least speak with an agent ( specifically, yours truly) who can help you assess the changing market conditions and let you know what you can expect to sell your home for — chances are you'll be pleasantly surprised!