Here’s what low inventory means for both buyers and sellers in our market.
There’s a direct correlation between the number of homes on the market and sales price. We currently have about half the amount of inventory that we had at this time last year and roughly a quarter of the inventory we had two years ago. That means sellers can maximize the amount of money they net from their home sales and in a much quicker time frame.
Historically, our average days on market is about 60 days, but right now we’re seeing about 31. That time includes the day your home goes on the market until the day you get the proceeds from the sale. Buyer demand is incredibly high; for every home that goes on the market, we’re receiving between three and five offers. It’s a wonderful time to be a seller.
“Don’t be discouraged if you’re a buyer.”
We know the real estate market is cyclical, but we don’t have a crystal ball. We only know what the data is showing today and can compare it to what’s happened in the past.
If you’re considering selling, we’d love the opportunity to chat more with you about what that may look like for your situation. If you’ve thought about investing in real estate, we can discuss leveraging some of the equity in your home to help you achieve that goal.
Don’t be discouraged if you’re a buyer. Our team has access to off-market listings and actively prospects on behalf of our buyers. We pride ourselves on both getting our sellers the most amount of money and saving our buyers the most amount of money. Commonly that comes in the form of negotiation during the inspection period and addressing things upfront.
We do not simply rely on the MLS and create more inventory for you. We’d be glad to sit down with you, understand what’s most important for you and your family, and iron out a great game plan to help you buy a home.
To find out more about our team, how we can help you, or ask us questions, give us a call or send an email. We’d be happy to help you.
