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Price War and Beauty Contest

Let's face it Sellers, you are in a price war and a beauty contest. RMLS just published the latest market action report indicating 9.2 months of inventory. This means, if not one more home was listed on the market, at the rate buyers are buying, it would take 9.2 months to deplete all current listings. Traditionally, we consider a six month inventory a balanced market. We are, however, down from the month prior at 10.3 months so possibly the trend line will continue downward.
What does all of this mean to you? Well, if you're a buyer without a home to sell, you're in a great position! If you're a seller and are planning on buying a home, you'll lose a little on your sale, but will make up for it on your purchase. You may even be ahead if you're purchasing a home that's more expensive than your sale. It does mean that you'll need to be priced competitively. Buyers are understanding it's a great time to buy, so inventory is starting to move a bit, but buyers are still looking for those deals... And they're out there.
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