Maybe you've heard people talk about this thing, called 'inventory shortage." Maybe you are intimately aware of what the term means because you have been in competition for the few homes that
Inventory Shortages And Spring Selling
Maybe you've heard people talk about this thing, called 'inventory shortage." Maybe you are intimately aware of what the term means because you have been in competition for the few homes that are currently on the market. Maybe you think you don't care, but have been thinking about selling your home and are wondering if now is a good time to list your home, for sale... If any of these sound like you, please read on!
For years now, the entire country has been having conversations about the inventory of their specific real estate markets. During these discussions, the questions surrounding when we are in a buyers market vs. a sellers market, has become prevalent. At this moment in time, here in our area of the Pioneer Valley, we are in a low inventory, or, a sellers market. You may be asking yourself, "how does this affect me?" The reality is that whether you are thinking about buying or selling a home or any property, really, you need to understand the market as it is TODAY! In a sellers market, there are many fewer homes listed for sale then there are buyers to purchase those homes. In other words, for each home that is for sale, there are MANY buyers competing for the opportunity to purchase that home.
While this, often, leaves sellers in a great position, it can leave buyers feeling concerned, unhappy and defeated. While much of the country is in this boat, right along with us, its been awhile since we have experienced this level of low inventory, here.
The consequences of this type of market and shortage of homes for sale, leaves us in a position of inflated home prices, commonly due to multiple offers per home, and some potential sellers in the position of not wanting to put their home on the market for fear they won't have anywhere to move to. This catch 22 leads to even lower inventory, and even more demand.
If you find yourself wanting to understand more about how this inventory shortage could impact your home search or sale, please feel free to contact me so that we can discuss your best options and how to get a leg up on all the competition out there!