There is a hidden demon out there that can have a drastic effect on the market as we know it. This demon is something called The Shadow Inventory. You may be wondering what it is and how will it affect the Spring Real Estate.
The shadow inventory is made up a four basic types of properties. These types are pre-foreclosure, bank owned properties, auction properties and government owned properties. These properties are not on the market currently but are likely to come on the market in the Spring. Currently there are between 300-400 properties in the shadow inventory in Greater Danbury. These properties fall into the category of distressed properties and they will usually come onto the market at below market prices. Can you imagine what would happen if these properties all go onto the Spring Market? As with any type of commodity when there is a larger supply the price tends to go down. Of course, the Spring is when alot of sellers THINK that it is the very best time to put their houses on the market.
I have been talking to numerous sellers recently who have told me that they want "to wait until spring to list their home' as the market is "always better then". I have to beg to differ on the point. Let's list the reasons why now is the BETTER TIME TO LIST YOUR Greater Danbury, CT. HOME FOR SALE NOW RATHER THAN THE SPRING.
1. INTEREST RATES ARE AT RECORD LOWS--
2. THE SHADOW INVENTORY HAS NOT HIT YET
3. THE SUPPLY OF HOMES FOR SALE IN THE WINTER TENDS TO BE THE LOWEST SO LESS COMPETITION
4. THE BUYERS WHO LOOK DURING THE HOLIDAYS OR DURING THE WINTER TEND TO BE SERIOUS
5. MOST HOMES LOOK BETTER WHEN DECORATED FOR THE HOLIDAYS
6. SOME BUYERS NEED TO BUY BEFORE THE END OF THE YEAR