Market Report | Buying & Selling In Low Inventory Conditions
Over the past few months, inventory has been low and is predicted to decrease through August. This situation creates challenges for both buyers and sellers. How does this affect a buyer or a seller?
Inventory is low leading to challenging situations for both buyers and sellers.
If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! The issue that one might run into here is that it’s great to sell your house super fast for an excellent price, but you need somewhere else to move to. Most people want to apply their equity toward moving up to a bigger home. Yet, the prices of those bigger homes have also gone up proportionally, so a move up also requires a favorable combination of circumstances. Let an agent guide you through the marketing of your house for sale such that you can reap the benefits of the agents knowledge!
As a buyer in low inventory conditions, one must be prepared to act quickly but practice patience. To make yourself more competitive, a larger down payment might be needed or you might need to be flexible on your closing dates. You might even have to enter into negotiations to offer more than the asking price to outbid other offers. Working with an agent helps as an agent can craft a competitive offer and give advice with regards to escalation and appraisal situations. Additional, being pre-approved versus pre-qualified can make you more attractive to a seller.