Is It A Buyers Market? By Zelda Greenberg
Have the tables turned? Do you think it is still a buyers market? Over the past few years with interest rates at such lows home owners have been sitting back & paying down those mortgages. While people are holding on to their homes that created a shortage for the Buyers….and there are plenty of Buyers!
These past couple of years people have gone into foreclosure and had to short sale their homes. That created a great rental market. Those people that lost their homes moved into rental homes. So now the rental home market has a shortage of homes to rent.
What’s all this mean? A shortage of houses to rent and a shortage to sell equals COMPETITION. With such low inventories Buyers are competing for the houses that are on the market. Don’t think there is a shortage? Drive past real estate companies and you will see signs posted “We Need Inventory”.
Buyers are not looking for the homes that have been destroyed by angry people that had to go into foreclosure. The real estate investors have and continue to snatch those up faster than you can pick up the phone to go see the property.
Buyers are looking for a nice house in good condition that only needs some minor updates. The problem is the Sellers are holding out. For those Sellers that do put their house on the market they are selling FAST. My listings have sole in 3 days -18 days…. and all for a good price. That’s not to say there are houses that have been on the market longer but most are selling quicker and because of the shortage we are seeing multiple offers. Let the competition bidding begin! If you are even considering selling now is a great time to list your house.
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