Every real estate agent you know is shouting, “LOW INVENTORY!” Maybe to the point that you’ve tuned them out or wonder what all the noise is about.
The truth is if you’re a homeowner looking 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 that 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 fast!
• Keep your offer as “clean” as possible. Now isn’t the time to pack your offer with contingencies, concessions, or repairs.
• Keep emotions in check. Whether it’s a competitive bidding war or losing out on another home you thought was the one, stay patient and stay in the game — the right house will come along at just the right time.