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Would you like to get multiple offers on your home? Thanks to low inventory, sellers right now have the upper hand, especially if the home is in great condition and presented well, located in a good place and priced just right. If you’re at all on the fence about selling, now is the time because sellers can even get more than their asking price, and homes are selling faster than they could have imagined. Buyers are desperate!
What does this mean for sellers? Take advantage of the low inventory and get your home on the market as soon as possible! It certainly won’t be on the market for long. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. Again, sellers have the upper hand.
What is the landscape like for buyers? Very competitive with multiple offer situations. This market means you have to be aggressive. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers.
Keep in mind that mortgage loan rates are extremely low, which makes buying a home more affordable than ever, but the rates won’t last forever. Interest rates are still below 4% with some as low as 3% for a 15- or 20-year fixed-rate mortgage. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment. Ouch!
If you would like to build a strategy to succeed in this market, give us a call at (602) 413-8195 or email us at Monique@MoniqueSells.com.
