Oh boy! Housing inventory has been low for years. What does that mean to people out there? Well, imagine going to the store for bread and having a choice of the last three loaves of bread. Inventory is LOW! One loaf is hard as a rock, one is not quite baked, and one is burned at the end but otherwise do-able. Which to purchase?
Most people would decide of the three and deal with the outcome. Personally, I would take the under done one and bake it some more. Some need that bread NOW and would take the slightly burned one and cut off the burned part. The hard as a rock one will appeal to the person wanting to use stale bread in their turkey stuffing! Something for everyone, but low inventory has impacted their purchase in a very direct way.
How lovely, though, if you have many choices, some being perfect! You might pay a premium for that inventory selection. That is what is happening this Spring 2019. We have a building inventory of homes at most price points. This is making it so much more fun for the buyers to shop. They don’t have to decide between three not quite right homes; they are finally finding and purchasing great homes, at great prices with low interest rates. A perfect market for buyers.
What does this mean to sellers? Do they prefer more inventory or less? In one way increasing inventory is a good thing for sellers. Increased inventory inspires the buyers, who have been waiting for the perfect home, out to shop. It is great for advertising since we Realtors® usually like to capitalize on active price ranges by focusing increased attention on pricing blocks (more about that another time). The downside of increased inventory is that there is more competition for the pool of buyers. Having more choices brings more buyers out, but those buyers are being selective with their purchases.
So listen up sellers: you have a golden opportunity to get it right. Pricing and having your home ready is of the utmost importance. Having your home priced the best of the price range, and having it be the brightest, most well staged condition gives you added advantage. You will stand apart from the other properties by STANDING ALONE in readiness.
Many agents are more than a little busy right now. Take the time to be sure your agent is one of them that is busy because she is doing the behind the scenes readiness to have your property SHINE when it comes alive!
Inventory is increasing this spring. We are ready for you! Call me and hear how we can have YOU benefit from this shift in our real estate market.