#1 Inventory
It’s still low but on the rise. Sellers: what if you don’t see prices like this again for a while? If you’re considering an upgrade… call your realtor to get your house ready, get your finances in order, and be ready to move quickly. The market won’t wait for you to get it together. Buyers: competition for homes remains strong so hire an agent you trust and listen to their advice even when you don’t like it. They’re in the market every day educating themselves on what it takes to get it done.
#2 Activity
More inventory means less competition, but we still aren’t seeing enough inventory for no competition. It’s common in our market for homes to receive 30-40 showings with multiple offers, no contingencies, and selling over asking price (when the home is priced consistent with the market).
#3 Pricing
This leads us into the most important topic of all, PRICING. Every agent handles their business differently, but the market always predicts the price. When you’re making an offer, let the value be your guide and not the list price. List price can become the rock you stumble over. However, if your agent equips you with accurate market research you, most likely, can determine a solid range for where the home will sell. Lower prices attract buyers in more price brackets and can increase competition. While a home on the higher end of pricing may attract less buyers and less competition. No matter what, the market always determines value.
#4 Rates
A trusted lender tells me “they are all over the place, but don’t worry about it! There will be an opportunity for refinancing later.” It’s never a bad time to invest and homes have always been the most solid investment. Start with location, strongly consider condition, keep an eye on presentation and your investment should remain solid.
Are you ready to dip your toe into the real estate waters? Call the expert today, Christen Bond with Ray & Poynor at 205-612.9432
